New Century To Settle Deutsche Bank Dispute

Law360, New York (August 10, 2007, 12:00 AM EDT) -- Bankrupt New Century Financial Corp. and Deutsche Bank subsidiary DB Structured Products Inc. have taken a step towards settling their breach of contract dispute through a deal that would be funded by the sale of some of New Century's mortgages.

In a motion filed Wednesday, New Century asked the bankruptcy court to allow it to sell nearly $59 million worth of residential mortgage loans. The first $14 million of the proceeds will be paid to DBSP.

It also proposed a bidding process for the sale of...
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