New Century gets financing approved
Bankruptcy
New Century Financial Corp. (NEWC.PK: Quote, Profile, Research), the largest U.S. subprime lender now under bankruptcy protection, was authorized on Thursday to obtain up to $150 million of financing to keep operating under Chapter 11.
The package, which was announced Monday as the company announced its bankruptcy filing, includes up to $150 million of debtor-in-possession financing from The CIT Group and Greenwich Capital Financial Products Inc.
According to the Associated Press, U.S. Bankruptcy Judge Kevin Carey said he would agree to the interim financing. Carey earlier granted the lender interim authority to pay "its utility bills, remaining employees and other necessary expenses until the company's assets can be sold next month" the AP reported.
The Irvine, California-based company collapsed amid rising delinquencies and defaults, a federal criminal investigation into its accounting and trading in its securities, and orders by or agreements with at least 17 U.S. states to stop lending.
New Century has said it agreed to sell its loan servicing unit to hedge fund Carrington Capital Management LLC for $139 million, and some loans to Greenwich Capital for $50 million.
Related listings
-
VA asks US Supreme Court to reinstate removals of 1,600 voter registrations
Bankruptcy 10/26/2024Virginia on Monday asked the U.S. Supreme Court to intervene to allow the state to remove roughly 1,600 voters from its rolls that it believes are noncitizens.The request comes after a federal appeals court on Sunday unanimously upheld a federal judg...
-
Alaska man charged with sending graphic threats to kill Supreme Court justices
Bankruptcy 09/17/2024An Alaska man accused of sending graphic threats to injure and kill six Supreme Court justices and some of their family members has been indicted on federal charges, authorities said Thursday.Panos Anastasiou, 76, is accused of sending more than 465 ...
-
A Thai court sentences an opposition lawmaker to 2 years in prison
Bankruptcy 05/29/2024A Thai court on Monday sentenced a lawmaker from a progressive opposition party to two years in prison after finding her guilty of defaming the monarchy in a speech she made during a protest rally three years ago.Chonthicha Jangrew of the Move Forwar...
Is Now the Time to Really Call a Special Education Lawyer?
IDEA, FAPE, CHILD FIND and IEPs: The Individuals with Disabilities Education Act (IDEA) guarantees all children with disabilities to a free appropriate public education (FAPE). FAPE starts with a school’s responsibility to identify that a child has a disability (Child Find) and create an Individualized Education Program (IEP) to suit the needs of the child.
Forte Law Group is one of only a very few law firms within the state of Connecticut that is dedicated to exclusively representing families and children with special needs.
Parents need to be persistent, dedicated and above all else aware of the many services and accommodations that their child is entitled to under the law. As early as this point within your child’s special education, many parents will often find themselves in the situation asking, “is now the time to really call a special education lawyer?” Here are a few things to consider when asking yourself that question.