Enter multiple symbols separated by commas

New Century Wins Approval for $150 Million in Bankruptcy Financing

New Century Financial, the largest U.S. subprime lender under bankruptcy protection, was authorized to obtain up to $150 million of financing to keep it operating while in Chapter 11.

U.S. Bankruptcy Judge Kevin Carey issued a temporary order granting the so-called debtor-in-possession financing, a court filing shows. The judge set a final hearing for April 24.

Irvine, California-based New Century had lined up financing commitments from CIT Group and Royal Bank of Scotland Group's Greenwich Capital Financial Products unit prior to its April 2 bankruptcy filing.

New Century had been the largest independent U.S. provider of home loans to people with poor credit histories before seeking protection from its own creditors. The company collapsed amid rising homeowner defaults and many regulatory investigations.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Lottery ticket

    A thief who broke into the car of a Seattle couple left behind a million-dollar lottery ticket, NBC News reports.

  • The Lamborghini SpA Urus SUV.

    There's no shortage of luxury vehicle choices, but increasingly the wealthy are opting for high-end SUVs instead of traditional models.

  • Mike Trout #27 of the Los Angeles Angels takes a picture with fans before a game with Boston Red Sox at Fenway Park on May 23, 2015 in Boston, Massachusetts.

    MLB is using digital media initiatives like Snapchat and Web video to connect with younger viewers. Is it enough?

U.S. Video