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New Century, GECC Ask For OK Of Ch. 11 Deal

Law360 (January 9, 2008, 12:00 AM EST) -- Bankrupt New Century Financial Corp. and General Electric Capital Corp. have come to terms over claims in the Chapter 11 case, asking a judge to allow GECC to hold a $5.3 million unsecured claim after it received a $1.8 million disbursement.

In a motion filed Tuesday, attorneys for New Century said the agreement was a reasonable compromise of the parties' disputes and urged a judge to approve the deal. A hearing is scheduled for Feb. 6.

The bankrupt company said $1.8 million had already been disbursed...
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