Lehman unit BNC Mortgage files Chapter 11 bankruptcy

By Caroline Salls

Pittsburgh, Jan. 9 - BNC Mortgage LLC, a subsidiary of Lehman Brothers Holdings, Inc., filed Chapter 11 bankruptcy Friday in the U.S. Bankruptcy Court for the Southern District of New York.

BNC Mortgage listed more than $1 billion in both assets and debt.

The company did not list its largest unsecured creditors.

BNC Mortgage has asked the court to administer its bankruptcy proceedings through Lehman's case to avoid duplicate filings and save the estates money.

A hearing on the joint administration motion is scheduled for Jan. 14.

For now, BNC Mortgage's Chapter 11 case number is 09-10137.

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