Lehman forms restructuring finance group

NEW YORK, May 22 (Reuters) - Lehman Brothers Holding Inc (LEH.N: Quote, Profile, Research, Stock Buzz) has formed a new restructuring finance group to work with troubled and bankrupt companies trying to wade through problems created by the credit crunch.

The group was created through a joint venture of the firm's distressed financing group in fixed income, and its investment banking group focused on restructuring and leveraged finance, the investment bank said in a statement late Wednesday.

Lehman said the group aims to work with companies on out-of-court financial restructurings, and financing for companies in and emerging from bankruptcy protection.

Mark Shapiro, a managing director who previously co-led Lehman's restructuring team, will head the group. Jim Seery, head of fixed income loans at Lehman, will also be involved, and Gilbert Sanborn will chair the advisory effort within the restructuring finance group, the investment bank said. (Reporting by Emily Chasan, editing by Gerald E. McCormick)