The fourth-largest US investment firm Lehman Brothers Holdings Inc. filed for bankruptcy protection on September 15 according to chapter 11 of this law, AFP informs, quoting a New York bankruptcy tribunal spokesperson.
The spokesperson failed to provide further information on the ongoing procedure.
Lehman Brothers announced net losses of 3.9 billion dollars in Q3 of this year after it recorded asset depreciations in the value of 7.8 billion dollars at the level of its real estate credit portfolio.
The procedure demonstrates the company’s restructuring desire, under the court’s control.
protection of Chapter 11 of the bankruptcy law, such as air companies United Airlines, US Airways, Delta Air Lines and Northwest, energy company Enron, telecommunications group WorldCom, distribution group Kmart or auto equipment producer Delphy.