London-based Barclays bank announced late on Tuesday night that it would acquire several assets from bankrupt Lehman Brothers for roughly $1.75 billion. The deal still requires approval from U.S. Bankruptcy Court in Manhattan. Barclays is being advised by lawyers from Clifford Chance and Cleary Gottlieb Steen & Hamilton. Sources say that Sullivan & Cromwell has been advising Lehman throughout its current crisis. Lehman is also being represented in bankruptcy court by attorneys from Weil, Gotshal & Manges.
Barclays Enters $1.75 Billion Deal to Acquire Lehman Assets With Firms' Help
The American Lawyer
September 18, 2008