New Century Files Sparse Reorganization Plan

Law360, New York (February 5, 2008, 12:00 AM EST) -- Though bankrupt home lender New Century Financial Corp. has filed its Chapter 11 reorganization plan, the document leaves blank several key details, including how the company will pay the $35 billion in claims that have been filed in the bankruptcy proceedings.

New Century's reorganization plan and disclosure statement, filed on Feb. 2 in the U.S. Bankruptcy Court for the District of Delaware, details the claims filed by each creditor class, and discusses the order in which the classes will be paid. The plan does not, however,...
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