Lehman plans to end bankruptcy

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Lehman Brothers Holdings on Monday filed its reorganisation plan with the US bankruptcy court in Manhattan, proposing a way to end the largest US bankruptcy case in history.

Under the Chapter 11 reorganisation plan proposed by the company, Lehman sought authority to create an asset manager business called LAMCO that would specialise 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.

- Reuters