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New Century Wants $6.3M In Bonuses For Execs

Law360 (April 12, 2007, 12:00 AM EDT) -- Embattled subprime lender New Century Financial Corp. has asked a bankruptcy court for permission to dole out millions in executive bonuses.

In a motion filed earlier this week in the U.S. Bankruptcy Court for the District of Delaware, New Century asked a judge to approve bonus pools that would pay certain executives bonuses of between 45% and 90% of their annual salaries.

The company hopes to pay a total of $6.3 million to 131 key members of its management team. Of that amount, $3.48 million has...
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