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National News

Lehman Brothers Japan bankrupt

Lehman Brothers Japan said Sept. 16 it filed for bankruptcy protection with the Tokyo District Court following the collapse of its parent firm.

It is Japan's second-largest postwar corporate failure in debt terms.

Two of the Japanese affiliates of Lehman Brothers — Sunrise Finance Co. and Lehman Brothers Commercial Mortgage K.K. — also filed for bankruptcy protection with the Tokyo District Court.

Meanwhile, Japan's banks and insurers, including Mitsubishi UFJ Financial Group Inc., announced a combined ¥245 billion in potential losses tied to the collapse of Lehman Brothers.

Domestic bank stocks had their worst drop in four years on Sept. 16 because of fears that more global financial firms will collapse. (AP)

Shukan ST: Sept. 26, 2008

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National News Lehman Brothers Japan bankrupt Lehman Brothers Japan said Sept. 16 it filed for bankruptcy protection with the Tokyo District Court following the collapse of its parent firm. It is Japan's second-largest postwar corporate failure in debt terms. Two of the Japanese affiliates of Lehman Brothers — Sunrise Finance Co. and Lehman Brothers Commercial Mortgage K.K. — also filed for bankruptcy protection with the Tokyo District Court. Meanwhile, Japan's banks and insurers, including Mitsubishi UFJ Financial Group Inc., announced a combined ¥245 billion in potential losses tied to the collapse of Lehman Brothers. Domestic bank stocks had their worst drop in four years on Sept. 16 because of fears that more global financial firms will collapse. (AP) Shukan ST: Sept. 26, 2008 (C) All rights reserved