US court agrees to partial sale of Lehman BrothersDecember 23rd, 2008 - 6:52 pm ICT by IANS
New York, Dec 23 (DPA) A US bankruptcy court approved the sale of investment bank Lehman Brothers’ investment-management division Neuberger Berman, media reports said.The sale to a group of executives of Neuberger Berman will provide about $922 million worth of stocks in proceeds, which are planned to be passed on to creditors of Lehman Brothers, once the fourth-largest US investment bank.
The Neuberger employees beat two bids by private equity firms Bain Capital Partners and Hellman & Friedmann.
A Neuberger spokesman praised the court’s decision as marking the end of a “period of uncertainty” for the company, according to media reports late Monday.
Lehman filed for bankruptcy in September.