Bankrupt Lehman Brothers Close to Naming New Board: Report

Collapsed financial firm Lehman Brothers Holdings is close to naming a new board of directors to help complete unwinding of the company, according to a report.

Citing people familiar with the matter, The Wall Street Journal said the new board will be made up of seven experts in restructuring, real estate and derivatives but they don't have ties with Lehman. They'll reportedly oversee liquidation of billions of dollars in assets so that money can be dispensed among Lehman's many creditors.

A Lehman Brothers spokeswoman declined to comment on the report, according to Reuters.

When Lehman filed for bankruptcy protection from creditors on Sept. 15, 2008, it was the largest bankruptcy filing in U.S. history. The move helped throw the U.S. and larger financial world into a money-flow crisis that ultimately took government intervention. At one time, Lehman was the fourth-largest U.S. investment bank, and one of the largest in the world.

Lehman Brothers reported $639 billion in assets when it filed for bankruptcy in 2008.

Last week, Lehman Brothers said an overwhelming majority of its creditors were in favor of its latest bankruptcy plan. The company notified the U.S. Bankruptcy Court for the Southern District of New York that 95 percent of its creditors support the plan and related settlements, according to Reuters.

A confirmation hearing for the plan is scheduled in the court on Tuesday.