Bankruptcy Reports
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Filed under Bankruptcy
Lehman Brothers, which is headquartered in New York, London and Tokyo, filed for Chapter 11 bankruptcy protection on September 15, 2008. The company held assets worth more than $600 billion at the time of filing for bankruptcy. Lehman Brothers had attempted in August 2007 to divert the possibility of bankruptcy filing by closing its sub-prime lender, BNC Mortgage, slashing 1,200 jobs and taking a $25 million after-tax charge, apart from reducing its goodwill by $27 million.[br]
After Lehman Brothers filed for Chapter 11, the company filed the bankruptcy reports with the US Bankruptcy Court, Southern District of New York (Manhattan), on September 16. These reports indicated that JP Morgan had provided the bankrupt Lehman Brothers with a total of $138 billion in “Federal Reserve-backed advances.” These cash advances were repaid in full to the lender by the Federal Reserve Bank of New York by September 16.
Barclays agreed to absorb $ 47.4 billion in securities and assume $ 45.5 billion in trading liabilities in exchange for Lehman’s several business units and real estates. Meanwhile, Lehman Brothers’ franchise in the Asia Pacific region was acquired by Nomura Holdings.
How to Access Bankruptcy Reports Filed by Companies[br]
All companies seeking relief under Chapter 13 or Chapter 7 have to file bankruptcy reports. This report is available with the following:
- The US Securities and Exchange Commission (SEC): A company declaring bankruptcy has to file an 8-K form that names the court in which the case is pending and the chapter under which the bankruptcy was filed. These reports are stored in the SEC’s EDGAR database, which can be accessed by the public online. You can also request for a copy of the Form 8-K by visiting the SEC’s public reference room.
- Bankruptcy Court: If the company has filed under Chapter 7 and has submitted its reports with the SEC, you can seek information from the bankruptcy court. This court is usually located where the company has its main place of business or where the company is incorporated.
- US Trustee at the Department of Justice: You can also contact the US Trustee for information on the status of the bankruptcy report filed by a company. The US Trustee can be contacted through its website or local telephone book.