Lehman Doubles Down Loss, Looks to Raise $6B
June 9, 2008 – 7:07 amLehman Brothers has said it will take losses of nearly $3B and raise twice that in cash, all while maintaining denial that it borrowed money from the Federal Reserve and claiming that it has adequate cash liquidity. Here’s the latest:
US investment bank Lehman Brothers announced Monday that it expects to post an unprecedented second-quarter loss of 2.8 billion dollars, citing “challenging market conditions.”
The bank said it intends to raise six billion dollars through a special stock offering in order to help shore up its balance sheet as it endures its first loss since becoming a public company in 1994.
The preview numbers now include a $6B cash offering on a date yet to be announced.
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