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2 More Lehman Lending Units File For Ch. 11

Law360 (January 12, 2009, 12:00 AM EST) -- Subprime lender BNC Mortgage LLC and Luxembourg Residential Properties Loan Finance S.a.r.l. have become the latest units of troubled Lehman Brothers Holdings Inc. to seek bankruptcy protection.

Both the Irvine, Calif.-based BNC and the Luxembourg-headquartered lender listed more than $1 billion in both assets and liabilities consolidated with affiliates in their petitions for Chapter 11 protection filed Friday and Wednesday, respectively, in the U.S. Bankruptcy Court for the Southern District of New York.

The petitions did not list the individual debtors and instead pointed to the...
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