Lehman Brothers Bankrupt

158-Year-Old Investment Bank Files Chapter 11

Lehman Brothers has filed for Chapter 11 Bankruptcy Protection against its creditors, following the removal of an offer to purchase by Barlcays PLC on Friday. Also, the federal government told Lehmans late Friday that it would not be providing emergency funding.

Citigroup is among Lehman's biggest unsecured creditors, with approximately $138 billion in unsecured bonds as of July 2, 2008. A further $17 billion in debt is held by the Bank of New York Mellon.

SEPT-15-08: Lehman Brothers files for Chapter 11 protection [FORBES: LEHMAN BROS FILES CHAPTER 11]

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Last updated on Dec-2-08