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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.Media
Contact: Monique Wise
1-646-333-9056
Investor Contact: Shaun Butler
1-212-526-8381
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