Bowing To Mortgage Crisis, C-Bass Files For Ch. 11

Law360, New York (November 12, 2010, 6:54 PM EST) -- Subprime mortgage investor Credit-Based Asset Servicing and Securitization LLC filed a Chapter 11 filing Friday, three years after undergoing a $3.8 billion restructuring to avoid a slide into bankruptcy.

The company and seven related entities listed assets of up to $50 million and liabilities of more than $1 billion in a petition filed in the U.S. Bankruptcy Court for the Southern District of New York by Peter S. Partee Sr. of Hunton & Williams LLP.

Founded in 1996, C-Bass issued, serviced and invested in subprime and...
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