New Century to File For Bankruptcy

From the WSJ

New Century Financial Corp. is expected to make an announcement early Monday about the home-mortgage company's efforts to cope with a cutoff of credit from its lenders, people familiar with the situation said.

The company is widely expected to seek relief from creditors through a bankruptcy filing.

As mentioned here on March 12, this was inevitable with the warehouse lines cut off.

Posted on April 1, 2007 and filed under Finance.