Fremont Says Ch. 11 Filing Likely

Law360, New York (May 12, 2008, 12:00 AM EDT) -- Former subprime mortgage lender Fremont General Corp. disclosed Monday that a voluntary Chapter 11 filing was likely in the offing because otherwise it would have difficulty finalizing the sale of most of its main bank's assets.

Fremont said it is uncertain as to when it will be able to compile the financial information the U.S. Securities and Exchange Commission would require for shareholder approval of the sale of the assets of its subsidiary, Fremont Investment & Loan. Approval under bankruptcy protection would be much easier, it...
To view the full article, register now.