Judge Blesses New Century Unit Sale

Law360, New York (May 23, 2007, 12:00 AM EDT) -- Triumphing over a wave of opposition, New Century Financial Corp. has received bankruptcy court approval to sell its loan-servicing business to stalking-horse bidder Carrington Capital Management LLC and Carrington Mortgage Services LLC for $184 million.

U.S. Bankruptcy Judge Kevin Carey on Monday gave the green light to the sale on Monday after Carrington beat out competing bidders Morgan Stanley Mortgage Capital Inc., Ellington Management Group LLC and Barclays PLC at an auction on May 16, New Century said in court documents filed Tuesday.

Judge Carey still...
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