By: Scott B. Riddle, Esq.
The recent subprime mortgage meltdown has made bankruptcy types more confident that a spate of filings might be on the way. On Monday, New Century entered Chapter 11, the largest of the subprime lenders to file thus far. Here’s the company’s press release and Chapter 11 petition, filed in Delaware. Winning the New Century assignment: Suzzanne Uhland at O’Melveny, which has long represented the company in other matters; local counsel is Mark Collins of Richards, Layton & Finger. Other mortgage companies that recenty filed include ResMae and Ownit.
Peter includes a blurb from a New York Times Q&A with Greg Milmoe, head of the Bankruptcy Practice group of Weil, Gotshal & Manges.