Lehman Bros.Hldgs 36JW Statement re Bankruptcy

Wire: RNS Newswire (RNS) Date: 2008-09-15 06:50:53
Lehman Bros.Hldgs      36JW   Statement re Bankruptcy

  Lehman Bros.Hldgs 36JW Statement re Bankruptcy

   RNS Number : 4038D
   Lehman Brothers Holdings Inc
   15 September 2008

   For Immediate Release

   Media Contact: Monique Wise
   Investor Contact: Shaun Butler

                                      LEHMAN BROTHERS HOLDINGS INC. ANNOUNCES

                                                             FILE CHAPTER 11

                                                  NO OTHER LEHMAN BROTHERS’

                                         AFFILIATES, INCLUDING ITS BROKER

                                            MANAGEMENT SUBSIDIARIES, ARE

   NEW YORK, September 15, 2008 – Lehman Brothers Holdings Inc. (“LBHI”)
   announced today that it intends to file a petition under Chapter 11 of the
   U.S. Bankruptcy Code with the United States Bankruptcy Court for the
   Southern District of New York. None of the broker-dealer subsidiaries or
   other subsidiaries of LBHI will be included in the Chapter 11 filing and
   all of the broker-dealers will continue to operate. Customers of Lehman
   Brothers, including customers of its wholly owned subsidiary, Neuberger
   Berman Holdings, LLC, may continue to trade or take other actions with
   respect to their accounts.

   The Board of Directors of LBHI authorized the filing of the Chapter 11
   petition in order to protect its assets and maximize value. In conjunction
   with the filing, LBHI intends to file a variety of first day motions that
   will allow it to continue to manage operations in the ordinary course.
   Those motions include requests to make wage and salary payments and
   continue other benefits to its employees.


   LBHI is exploring the sale of its broker-dealer operations and, as
   previously announced, is in advanced discussions with a number of
   potential purchasers to sell its Investment Management Division (“IMD”).
    LBHI intends to pursue those discussions as well as a number of
   other strategic alternatives.

   Neuberger Berman, LLC and Lehman Brothers Asset Management will continue
   to conduct business as usual and will not be subject to the bankruptcy
   case of its parent, and its portfolio management, research and operating
   functions remain intact. In addition, fully paid securities of customers
   of Neuberger Berman are segregated from the assets of Lehman Brothers and
   are not subject to the claims of Lehman Brothers Holdings’ creditors.   

   Lehman Brothers (ticker symbol: LEH) is headquartered in New York, with
   regional headquarters in London and Tokyo, and operates in a network of
   offices around the world. For further information about Lehman Brothers,
   visit the Firm’s Web site at www.lehman.com.

                      This information is provided by RNS
            The company news service from the London Stock Exchange
   STRLAMFTMMJBMTP -0- Sep/15/2008 6:50 GMT

                              Copyright (c) 2008

################################ END OF STORY 1 ##############################


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