As can be seen on the following webpage
http://www.lehman.com/who/offices/Asia_Pacific.htm
Lehman Brothers Holdings Inc. has offices in the Indian city of Mumbai. What will be the fate of its Indian employees now that Lehman has files for bankruptcy protection? What will happen to the employees if the company is liquidated?
Bankruptcy court decides various aspects and nothing happens overnight. Employees will no longer be employees if liquidated. Companies in liquidation will continue to operate until creditors decide the best course of action- certified financial examiner
