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Lehman plans to end bankruptcy, create new company

Staff are seen standing in a meeting room at the Lehman Brothers offices in London's Canary Wharf, September 11, 2008. REUTERS/Kevin Coombs

NEW YORK (Reuters) - Lehman Brothers Holdings Inc LEHMQ.PK on Monday filed its reorganization plan with the U.S. bankruptcy court in Manhattan, proposing a way to end the largest U.S. bankruptcy case in history.

Under the Chapter 11 reorganization plan proposed by the company, Lehman sought authority to create an asset manager business called LAMCO that would specialize in management of Lehman’s commercial real estate, mortgages, principal investments, private equity, corporate debt and derivatives assets.

Lehman said LAMCO would provide management services to Lehman, administer its assets and offer long-term employment opportunities for the hundreds of Lehman employees working to liquidate the former investment bank’s estate.

The case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555.

Reporting by Emily Chasan; Editing by Richard Chang

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