Lehman Brothers Holdings Inc. intends to file for bankruptcy

September 15, 2008 09:37

Storied Wall Street firm Lehman Brothers Holdings Inc. announced on Monday that it intends to file for bankruptcy. The 158-year-old Lehman was crippled by $60 billion in soured real-estate holdings and unable to find an investment partner to throw it a lifeline. Lehman said in a statement early Monday that none of its broker-dealer subsidiaries or other units would be included in the filing in US bankruptcy court in New York. The investment bank said it is exploring the sale of its broker-dealer operations and is in "advanced discussions" to sell its investment management unit.

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