30/09/2008 16:30
Following the appointment of Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, as joint administrators to Lehman Brothers International (Europe) and Lehman Brothers Limited (together 'Lehman Brothers') on 15 September 2008, the administrators confirmed that a restructuring of the business was necessary and 750 employees have been made redundant with effect from today.
Tony Lomas, partner, PricewaterhouseCoopers LLP, said:
"It is extremely disappointing that despite exhausting all avenues these jobs could not be saved. As we move into our third week, we continue to be focussed on maximising the value of recoveries for creditors, whilst minimising the impact on other stakeholders as much as possible."
Arrangements are being made to ensure that over the coming days, the individuals affected by this have the opportunity to attend a one on one meeting to discuss how this impacts them personally.
Ends
By an Order made on 30 November 2009 in the High Court, a change was made to the named individuals appointed as Administrators of the Lehman Brothers companies in English Administration.
With effect from 30 November, the same five PwC partners are the Administrators of all 19 companies; the five are AV Lomas, SA Pearson, DY Schwarzmann, MJA Jervis and DA Howell, all of whom are licensed to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.
For more information contact:
UK head of media relations, PricewaterhouseCoopers LLP
Tel:020 7213 8593
Mobile:07990 563100
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