New Century Employees Slam Chapter 11 Plan

Law360, New York (April 21, 2008, 12:00 AM EDT) -- The committee representing employees of New Century Financial Corp. has objected to the bankrupt subprime lender's proposed Chapter 11 plan, saying the plan lumps employees' $43 million in pension savings with other assets to be shared by general unsecured creditors.

In an objection filed Friday in the U.S. Bankruptcy for the District of Delaware, the ad hoc committee of beneficiaries of New Century's pension plan urged the court to deny confirmation of the lender's March 18 liquidation plan because it threatened to disperse the funds held...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.