Getting your player ready...
NEW YORK — Storied Wall Street firm Lehman Brothers Holdings Inc. says it intends to file for Chapter 11 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 Chapter 11 filing in U.S. 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.
