Court To Fast-Track New Century’s Finance Deal

Law360, New York (April 4, 2007, 12:00 AM EDT) -- On the heels of its Chapter 11 filing, New Century Financial Corp. is reportedly set to gain bankruptcy court approval of a debtor-in-possession finance package that will preserve the value of the beleaguered subprime lender’s business.

U.S. Bankruptcy Judge Kevin J. Carey, who is overseeing New Century’s recently filed Chapter 11 case, said at a hearing on Tuesday that he would sign off on an interim order for $150 million in DIP financing from the CIT Group and Greenwich Capital Financial Products Inc., Dow Jones reported....
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