New Century's Disclosure Statement Gets Judge's OK

Law360, New York (March 19, 2008, 12:00 AM EDT) -- Despite the strenuous objections of the U.S. trustee in New Century Financial Corp.'s Chapter 11 case, a judge has given the nod of approval to the bankrupt lender's disclosure statement.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware approved the plan on Tuesday, paving the way for New Century to seek plan approval from its creditors. The judge scheduled a confirmation hearing for April 24.

Judge Carey's approval effectively silences the protests of U.S. Trustee Kelly Stapleton, who had criticized...
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