Lehman Brothers in Britain placed into administration

Business Materials 15 September 2008 15:08 (UTC +04:00)

Lehman Brothers International (Europe) was placed into administration Monday, London-based accountancy firm PriceWaterhouseCoopers (PWC) said.

PWC said it was working to "wind down the business in as orderly a manner as possible", reported dpa

Tony Lomas, partner with administrator PricewaterhouseCoopers, said, "Because the group managed its funding on a global basis, the UK trading operation found itself unable to meet its obligations when the flow of funds dried up last night."

Lehman Brothers employs around 5,000 people in Britain.

"Our priority now is to work with management and trading counterparties to agree the manner in which the assets and liabilities will be handled," said Lomas.