Court OK's Auction Of New Century Unit

Law360, New York (April 20, 2007, 12:00 AM EDT) -- New Century Financial Corp. reportedly received the green light Thursday to auction off its loan-servicing business to Carrington Capital Management LLC unless another bidder puts in a better offer than the hedge fund’s $133 million bid.

U.S. Bankruptcy Judge Kevin Carey said he planned to sign an order approving procedures for the auction, in which Carrington will be named the lead bidder to buy New Century’s servicing assets and servicing platform, Reuters reported on Thursday.

As of Friday, the order had not been filed in court...
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