Irvine-based subprime mortgage lender New Century Financial Corp. is seeking more time to develop a Chapter 11 bankruptcy plan, the company said in a recent court filing.
New Century is seeking a 120-day extension of its exclusive control over its bankruptcy case as it continues winding down its business, the Associated Press reported.
The extension would give New Century more time to formulate a plan without interference from creditors or a trustee.
The company would have until Nov. 28 to come up with a plan and until January to get creditors to sign off on the plan.
A hearing on the proposed extension is set for July 31 in bankruptcy court.
New Century filed for bankruptcy protection in April and has been working to sell off operations since then. It’s struck deals to sell loans, servicing operations and software.
