As Rivals Go Bankrupt, One Mortgage Co. Avoids Court

Law360, New York (November 20, 2007, 12:00 AM EST) -- Subprime mortgage lender C-Bass LLC has reached a $3.8 billion restructuring deal — without ever setting foot in a courtroom.

C-Bass — an issuer, service and investor that specializes in credit-sensitive residential mortgage assets — announced its final reorganization on Monday, less than five months after it realized it could not meet the payments for its margin calls and appeared on the sure brink of bankruptcy.

“This was extraordinarily unusual, and it happened because C-Bass has some fundamentally different virtues that other mortgage companies don’t have,”...
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