Results tagged “bankruptcy”

Administrators for Lehman Brothers have admitted some creditors may lose their money.

The European wing of the bank estimated it had a $17billion cushion when it went bankrupt in September, but current caretakers PricewaterhouseCoopers doubt this will be adequate when assets fall and liabilities inevitably rise.

WHARF diners are losing a Kitchen – but gaining a Canteen.

The estate’s retail expansion was hit last week by the likely withdrawal of Tom’s Kitchen, which was due to be one of the flagship restaurants in the upcoming Canada Square pavilion.

LEHMAN'S new owners have arrived in the Wharf with a bang.

Japanese bank Nomura closed its deal for the stricken giant on Monday, and promptly threw a party to drum up support among its new employees.

Traditional oriental drumming echoed through 25 Bank Street during a mixer between Lehman staff and their new Nomura counterparts from St Martin's-Le-Grand in the City.

Nomura has pledged to keep a "significant amount" of the 2,000 staff in the investment banking and equities divisions, which it snapped up for a nominal $2 on September 23.

ADMINISTRATORS sorting through the wreckage of Lehman Brothers have laid off 750 employees with immediate effect.

Sources from within the stricken bank's Wharf headquarters report that representatives from PricewaterhouseCoopers informed staff this afternoon that their security clearance was revoked and they were to leave by 5pm. The cuts will mainly hit the fixed income arm, with other losses coming in the personal investment management team.

ASIAN investment bank Nomura has announced a deal to buy a chunk of stricken firm Lehman Brothers.

The company will snap up the European and Middle Eastern investment banking and equities businesses in a move which could save up to 2,500 jobs.

The buy-out includes offices in the UK, as well as the Netherlands, Germany, Sweden, Italy, Spain, Kuwait, Dubai and Qatar.

Administrator PricewaterhouseCoopers announced the deal after a week of uncertainty for the bankrupt Wall Street giant.

THE US Government's decision to bail out insurer AIG looks to be good news for Canary Wharf Group.

The estate landlord are due to receive rent payments on Lehman Brothers' Bank Street headquarters for four years as part of a securitisation policy with the company.

But AIG's own floundering finances raised fears about its ability to cover the deal.

The Federal Reserve's decision to seize control of the insurer in a £47billion rescue deal on Wednesday should allow CWG to breathe easier.

LEHMAN Brothers has declared itself bankrupt in a tempestuous morning for the European financial market.

The 158-year-old investment bank announced it was filing for Chapter 11 bankruptcy on Monday morning after a last-minute deal to rescue the high-profile institution failed.

Many workers at the company were seen leaving the building this morning carrying boxes.

Barclays and Bank of America were in talks to rescue the troubled firm, but Bank of America instead turned its attentions to a buy-out of Merrill Lynch.