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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: Travis_Bickle	4/2/2007 11:39:30 AM
	of 110194

New Century cuts 3,200 jobs, sells servicing assets Reuters - April 02, 2007 11:24 AM ET NEW YORK (Reuters) - New Century Financial Corp. NEWC.PK said on Monday it will immediately cut 3,200 jobs, or 54 percent of its work force, as part of its Chapter 11 bankruptcy reorganization. The Irvine, California-based company also said it agreed to sell its servicing assets and platform to Carrington Capital Management LLC for $139 million, subject to bankruptcy approval. Separately, New Century said CIT Group Inc. (CIT) and Greenwich Capital Financial Products have agreed to provide up to $150 million of debtor-in-possession financing to keep the company in business as it reorganizes. New Century had been the largest U.S. independent provider of home loans to people with poor credit histories before collapsing amid rising subprime delinquencies and defaults.

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