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Lehman Files Ch. 11; BofA Buying Merrill

NEW YORK CITY-Bankruptcies, buyouts and a possible restructuring by insurance giant AIG are sending shockwaves through an already shellshocked financial sector.

By Ian Ritter | Updated on September 15, 2008

NEW YORK CITY-A slew of news is breaking in the financial sector, all of it having at least some impact on the commercial real estate industry.

Lehman Bros.’ management announced that the firm will file for Chapter 11 bankruptcy protection. The move comes just after the investment bank put in place a restructuring plan that includes selling $25 billion to $30 billion of commercial real estate assets. You can view Lehman’s bankruptcy statement here.

On the acquisition front, Bank of America is buying the famous investment bank Merrill Lynch for $50 billion. According to this Wall Street Journal article, like Lehman, Merrill has tens of billions of dollars in assets that were devalued due to the credit crunch.

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