New Century Financial, one of the largest sub-prime lenders in the US, has filed for Chapter 11 bankruptcy.
New Century sought protection from creditors after it was forced by its backers to repurchase billions of dollars worth of bad loans.
The company said it would immediately cut 3,200 jobs, more than half of its workforce, as a result of the move.
Tuesday, 3 April 2007
New Century Financial Has Filed For Bankruptcy
BBC - Top US lender in Chapter 11 move
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