Judge Gives New Century Plan The Nod

Law360, New York (July 17, 2008, 12:00 AM EDT) -- The federal judge overseeing the bankruptcy proceedings of New Century Financial Co. has confirmed the subprime lender's liquidation plan, marking the official demise of the one-time high-flying mortgage backer.

On Monday, U.S. Bankruptcy Judge Kevin J. Carey of the District of Delaware formally signed off on the proposal and lifted the automatic stay, two weeks after tentatively approving the plan first proposed by the New Century debtors and their unsecured creditors back in April.

The stage was set for a debtor departure after Judge Carey dismissed...
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