Lehman Brothers Holdings said Tuesday that it emerged from Chapter 11 bankruptcy, setting April 17 as the date to start repaying creditors.

The company said in a press release that a new board of directors will lead Lehman and its creditors toward a complete liquidation of assets.

“We are proud to announce Lehman’s exit from chapter 11 and entrance into the final stage of this process — distributions to creditors. Our objective remains to provide the best results possible for creditors — by continuing to strategically position assets to produce strong values, to pursue the resolution of disputed claims and other matters in litigation, and to manage expenses in line with the asset disposition process,” said John Suckow, who is managing director with bankruptcy adviser Alvarez & Marsal and Lehman’s president and COO.

Suckow also thanked Lehman employees for working “diligently” since the bank’s collapse in September 2008 to reach the milestone.