Lehman Brothers Holdings is closing its doors with more than $600 billion of debt -- the biggest bankruptcy in U.S. history.
Lehman
has total debts of $613 billion against total assets of $639 billion, according to a filing prepared Sunday.
The previous largest bankruptcy was that of WorldCom Inc. in July 2002, which had $104 billion of assets.
The Chapter 11 Petition filing with the Bankruptcy Court of the Southern District of New York shows that Lehman has more than 100,000 creditors and more than $150 billion in outstanding bond debt.
"In the judgment of the Board, it is desirable and in the best interests of the Company, its creditors, employees, and other interested parties that a petition be filed by the Company seeking relief under the provisions of chapter 11 of [the bankruptcy code]," said the filing, effectively ending Lehman's 158-year existence.
The filing also names Lehman's three largest stockholders: AXA ClearBridge Advisors and FMR, parent of Fidelity Investments. Axa holds 7.3% of outstanding common stock, while ClearBridge holds 6.3% and FMR holds 5.9%. As of 8.45 a.m., shares of Lehman were down to 33 cents in pre-market trading; the stock closed just below $13 on Monday September 8.
The largest listed claimants of Lehman's debt were Citigroup Inc.
, and Bank of New York Mellon Corp.
, which were the indentured trustees of about $138 billion of Lehman's senior notes.
That exposure is not directly with the banks -- as indentured trustees they were the agents for the Lehman bonds.
Bank of New York was also listed as the second- and third-largest creditor, with separate claims of $12 billion of subordinated debt and $5 billion of junior subordinated debt -- again, in its role as indentured trustee.
The next largest creditors are Japanese banks Aozora and Mizuho Corporate Bank, a unit of Mizuho Financial Group Inc.
New York corporate law firm Weil Gotshal & Manges is handling the bankruptc
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