Lehman deal spins off part of private equity unit into independent firm
Lehman Brothers, the fallen brokerage firm now under bankruptcy court protection, has struck a complex deal to spin off part of its private equity unit into an independent firm, according to a person briefed on the matter.
Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 bankruptcy protection from its creditors Monday and said it was trying to sell off key business units.