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New Century Drops Execs From Bonus Plan

Law360 (May 2, 2007, 12:00 AM EDT) -- Bankrupt subprime lender New Century Mortgage Corp. has reduced the number of executives who will benefit from the company’s bankruptcy bonus plan, in an effort to appease critics who called the plan excessive.

In a plan filed with Tuesday with the U.S. Bankruptcy Court for the District of Delaware, New Century said it would limit the bonuses to 34 of the company’s top officials.

“The board and members of New Century management have agreed to limit both the participation of top-level management and the amounts in...
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