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Creditors' Claims Against New Century Total $35B

Law360 (November 30, 2007, 12:00 AM EST) -- While seeking a month-long extension of its exclusive period to file a plan for reorganization, New Century Financial Corp. said that almost $35 billion in claims have been lodged against it in its Chapter 11 proceedings.

The bankrupt subprime lender filed a motion on Wednesday in the U.S. Bankruptcy Court for the District of Delaware to extend its exclusivity period through Dec. 28. A hearing on the motion is scheduled for Dec. 20.

As per the terms of the first exclusivity order, approved in July 2007,...
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