2,500 Lehman India employees’ fate uncertain

The fate of 2,500-odd employees working for investment banking giant Lehman Brothers in India remains uncertain following its parent company’s decision to file for bankruptcy protection in the United States.

Lehman said in a statement that its New York office intends to file for bankruptcy protection as it owes over $600 billion to lenders.

However, it highlighted that no other Lehman Brothers’ US subsidiaries or affiliates, including its broker-dealer and investment management subsidiaries, are included in the filing.

The filing for Chapter 11 bankruptcy protection, which allows a company to restructure while creditor claims are held at bay, was made in the US Bankruptcy Court in the Southern District of New York by the investment bank’s holding company, Lehman Brothers Holdings Inc.

Source: Rediff

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