You have 0 free articles left this month.

Lawyers Weekly - legal news for Australian lawyers

Powered by MOMENTUM MEDIA
lawyers weekly logo
Advertisement
SME Law

Lehman seeks court approval to gain funds, repay debts

Lehman Brothers Holdings Inc. is seeking bankruptcy-court approval to pump up to $950 million into its struggling Delaware banking subsidiary.

July 21, 2009 By The New Lawyer
expand image

LEHMAN Brothers Holdings Inc. is seeking bankruptcy-court approval to pump up to $950 million into its struggling Delaware banking subsidiary.

 
 

The move would help it pay off more than a half-billion dollars worth of brokered certificates of deposit, The Wall Street Journal reported.

Court papers reveal that Lehman said it wants to provide Aurora Bank FSB, formerly Lehman Brothers Bank FSB, with $450 million to shore up the banks liquidity and provide another $500 million in short-term financing to the bank's servicing unit, the WSJ reports.

You need to be a member to post comments. Become a member today
Got a tip for us?
If you have any news tips or stories to share, feel free to send them our way.
Momentum Media Logo
Most Innovative Company