VOL. 127 | NO. 46 | Wednesday, March 07, 2012
Lehman to Emerge From Bankruptcy and Wind Down
NEW YORK (AP) – Lehman Brothers, the investment bank that failed at the depths of the financial crisis, says it will sell the last of its assets starting in April.
Lehman said Tuesday it is emerging from Chapter 11 bankruptcy, which frees the company to sell its assets and distribute the cash to creditors. In effect, it means the failed bank is preparing to meet its end.
Lehman filed for bankruptcy on Sept. 15, 2008. It was the largest bankruptcy filing in history and marked the demise of a 158-year-old company. Lehman's collapse was beginning of the worst days of the financial crisis.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.