New Century Liquidation Plan Approved

Law360, New York (July 3, 2008, 12:00 AM EDT) -- Bankrupt New Century Financial Co., once the second-largest subprime lender in the country, has won approval of its liquidation plan.

On Wednesday, Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware approved the plan proposed by the New Century debtors and their unsecured creditors in April, dismissing a lone surviving objection to the plan from an ad hoc committee made up of beneficiaries of New Century’s deferred compensation plan.

“To be sure, the interests of the objectors are entitled to the...
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