New Century Seeks $1M For Key Employees

Law360, New York (July 23, 2007, 12:00 AM EDT) -- Bankrupt New Century Financial Corp. has sought permission to increase by roughly $1 million two funds designed to compensate and retain current employees and managers.

New Century filed a motion Friday in the U.S. Bankruptcy Court for the District of Delaware asking for leave to fund its Wind-down Retention Plan with roughly $812,000, and to amend its Key Employee Incentive Plan to increase it by roughly $184,000.

“The wind-down plan and the amended KEIP proposed by the debtors herein are critical to incentivize and reward the...
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