New Century Requests Skadden, Irell & Manella

Law360, New York (May 15, 2007, 12:00 AM EDT) -- Subprime lender New Century Financial Corp. has asked the bankruptcy court overseeing its Chapter 11 proceedings to approve the employment of two high-profile law firms for specialized services, including regulatory and employee benefit counsel.

In motions filed Friday, New Century told the U.S. Bankruptcy Court for the District of Delaware that it hoped to employ Skadden, Arps, Slate, Meagher & Flom LLP as its special regulatory counsel and Irell & Manella LLP as its special litigation, employee benefits and insurance counsel.

Skadden will be hired to...
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