BusinessBusiness RecoveryRover veteran heads up Lehman Brothers administration

Rover veteran heads up Lehman Brothers administration

Tony Lomas appointed as one of four joint administrators after investment banking giant collapses and announces plans to file Chapter 11 petition in the States

Lehman Brothers, the collapsed investment bank is now in the hands of Tony
Lomas, who oversaw the administration of MG Rover.

Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners from
PricewaterhouseCoopers were appointed as joint administrators to Lehman Brothers
International Europe at the end of last week.

Lehman Brothers Holdings Inc announced today that it intends to file a
petition under Chapter 11 of the U.S. Bankruptcy Code with the United States
Bankruptcy Court for the Southern District of New York.

Lehman Brothers, the principal UK trading company in the Lehman group, was
placed into administration, together with three other group companies.

Lomas said: ‘Because the group managed its funding on a global basis the UK
trading operation found itself unable to meet its obligations when the flow of
funds dried up last night. Our priority now is to work with management and
trading counterparties to agree the manner in which the assets and liabilities
will be handled.’

‘I would also like to emphasise that a number of group companies remain
solvent and will continue to trade.’

Lehman’s subsidiary Neuberger Berman and Lehman Brothers Asset Management
will continue to conduct business as usual and will not be subject to the
bankruptcy case of its parent, and its portfolio management, research and
operating functions remain intact, Lehman Bros said in a statement today.

Related Articles

PwC must face MF Global lawsuit over accounting advice

Accounting Firms PwC must face MF Global lawsuit over accounting advice

1y Richard Crump, Writer
PwC’s business recovery services team appoints four new partners

Accounting Firms PwC’s business recovery services team appoints four new partners

1y Richard Crump, Writer
MPs call on FRC to widen BHS audit probe into PwC

Accounting Firms MPs call on FRC to widen BHS audit probe into PwC

1y Richard Crump, Writer
FRC investigation launched into PwC's BHS audit

Audit FRC investigation launched into PwC's BHS audit

1y Kevin Reed, Writer
UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter
Take part in our 'Seven days in Accountancy' quiz

Accounting Firms Take part in our 'Seven days in Accountancy' quiz

2y Fraser Simpson, Reporter
New consortium enters fray to buy BHS empire

Accounting Firms New consortium enters fray to buy BHS empire

2y Chris Warmoll, Writer
PwC questioned over BHS ‘going concern’ audit

Accounting Firms PwC questioned over BHS ‘going concern’ audit

2y Chris Warmoll, Writer