Lincoln Financial Group to file for bankruptcy
The Lincoln Financial group is set to file a bankruptcy petition with the state of Nebraska on Wednesday, citing “an imminent financial crisis.”
The group, which includes Lincoln Financial, Omaha, Omaha-based Wells Fargo and Nebraska-based Capital One Financial, filed for bankruptcy protection in January after failing to reach a $3.5 billion in cash and short-term financing agreements.
The group filed for Chapter 11 protection in August, but the filing was not finalized before a federal bankruptcy judge in September.
The filing for bankruptcy comes after the company reported its first quarterly loss in nearly four years in the third quarter.
The company also announced that it will lay off at least 25% of its workforce.