Bid For Borrowers Committee Denied In New Century Ch. 11

Law360, Wilmington (September 26, 2013, 7:54 PM EDT) -- A Delaware bankruptcy judge refused Thursday to allow a borrowers committee to be formed in the New Century Financial Corp. bankruptcy case, ruling that the request from individual mortgage borrowers comes too late in the proceedings, six years after the company filed for Chapter 11 protection.

U.S. Bankruptcy Judge Kevin J. Carey ruled that this deep into the case, a borrowers committee wouldn't be able to serve the same purpose typically rendered by other common bodies in bankruptcy cases such as unsecured creditors and equity holders...
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