Overnight, Lehman Brothers made it official and filed for Chapter 11 bankruptcy protection.
CNBC: Lehman Brothers filed for bankruptcy protection, but the Chapter 11 filing does not include its broker-dealer operations and other units, including Neuberger Berman.
Lehman is looking at selling its broker-dealer operations, and is still in advanced discussions with a number of potential buyers of its investment management division.
Bankruptcy represents the end of a 158-year old company that survived world wars and the collapse of Long-Term Capital Management but could not survive the global credit crunch.
UPDATE: Lehman’s bankruptcy court hearing has just been scheduled.
GMANews.TV: Lehman Brothers has scheduled a hearing in its bankruptcy case that could lead to a judge’s approval of an asset sale.
The investment bank, which filed the biggest-ever US bankruptcy case on Monday, has on its agenda for the Tuesday afternoon meeting a motion that seek a judge’s approval to sell certain assets.
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