New Century Gets More Time To File Exit Plan

Law360, New York (January 23, 2008, 12:00 AM EST) -- The judge overseeing New Century Financial Corp.'s bankruptcy case has granted the lender's third motion for extra time in Chapter 11, giving the company until next week to file an exclusive exit plan.

Delaware bankruptcy judge Kevin J. Carey granted the reprieve Tuesday, extending until Jan. 28 the period in which New Century can file a plan free from competing proposals. The subprime lender has another two months after that in which to solicit approval for the plan.

New Century moved for the exclusivity extension at...
To view the full article, register now.