New Century Bankruptcy Details

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For those of you that want more information on the New Century bankruptcy process, New Century has been kind enough to post a web site about it to help answer questions.  Many people have asked me whether I expect New Century to return to normal business operations under another name, or under the same name with a new owner.  My answer has always been "definitely not."  Not everyone has agreed.  Here it is straight from the horse’s mouth:

Is there any chance that New Century will emerge from bankruptcy and continue to operate? If so, when can brokers expect to start referring loans back to New Century?
The bankruptcy process is the best means available to stabilize our situation so that the Companyâ??s assets and operations can be sold through an orderly process. There is presently no emergence plan in place for the remaining corporate entity.

Plenty of additional coverage courtesy of the folks at the OC Register.

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