Judge Kevin Carey, who is overseeing New Century Financial Corp.'s bankruptcy filing is granting interim approval for a finance package, which will hopefully preserve the value of the company's business. An interim order for a debtor-in-possession loan will be signed by Judge Carey today. The move is vital for New Century, if it is to be able to sell its various businesses instead of having them liquidated. The Chapter 11 financing may reach as much as $150 million.
Commentary: New Century Financial Begins a New Chapter: 11 • Irvine, California: No Longer the Silicon Valley of Subprime • New Century Financial on Brink of Bankruptcy
Stocks/ETFs to watch: New Century Financial (PINK:NEWC.PK). Competitors: Accredited Home Lenders (LEND), Novastar Financial (NFI), Fremont General (FMT)
Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.