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
1-646-333-9056
Investor Contact: Shaun Butler
1-212-526-8381
LEHMAN BROTHERS HOLDINGS INC. ANNOUNCES
IT INTENDS TO
FILE CHAPTER 11
BANKRUPTCY PETITION;
NO OTHER LEHMAN BROTHERS’
U.S. SUBSIDIARIES OR
AFFILIATES, INCLUDING ITS BROKER
DEALER AND INVESTMENT
MANAGEMENT SUBSIDIARIES, ARE
INCLUDED IN THE FILING
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.
LEHMAN BROTHERS HOLDINGS INC. ANNOUNCES IT INTENDS TO FILE CHAPTER 11
BANKRUPTCY PETITION
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
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