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Lehman Brothers files for Chapter 11 protection
NEW YORK (AP) - Lehman Brothers has filed for bankruptcy
protection under the weight of $60 billion in soured real estate
The company's filing for Chapter 11 protection will allow it to restructure while creditor claims are held at bay. The filing was made Monday in the U.S. Bankruptcy Court in the Southern Disctrict of New York.
Lehman's last hope of surviving outside of court protection faded Sunday after British bank Barclays PLC withdrew its bid to buy the investment bank.
The 158-year-old investment bank had said earlier that none of its broker-dealer subsidiaries or other units would be included in the Chapter 11 filing. It says it is exploring the sale of its broker-dealer operations and is in "advanced discussions" to sell its investment management unit.
(Copyright 2008 by The Associated Press. All Rights Reserved.)