Can a company continue its operations after filing bankruptcy? Does Lehman brothers still exist?

No they can’t. Lehman Brothers was bought over by Barclay’s and Nomura. Check this on wiki: http://en.wikipedia.org/wiki/Lehman_Brothers

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There are lot of inside classes like Chapter 7,Chapter 11(allows to run),Chapter 13(allows to run but with different board) . you can get your answers here

also see related articles in the same Website.

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Yes, a company could continue to exist after bankruptcy, here is an excerpt from the link mentioned below  

""Corporate Bankruptcy: What Happens to the Company?

As with consumer bankruptcy, business-related bankruptcy is governed by federal law. The debtor, in this case a corporation, either files Chapter 11 or Chapter 7 bankruptcy, depending on its financial standing and prospects for recovery. Under Chapter 11, a company will reorganize its business as it attempts to offload debt and return to profitability. Under Chapter 7, a company goes out of business entirely and sells of (or "liquidates") its remaining assets, using the proceeds to pay back debts to investors as well as creditors.""

http://bankruptcy.findlaw.com/chapter-13/corporate-bankruptcy-what-every-investor-should-know.html

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