New Century Cuts Over Half Its Workforce

New Century Financial will immediately cut 3200 jobs (54% percent of its workforce) as part of its Chapter 11 bankruptcy reorganization. The company also said it agreed to sell its servicing assets and platform to Carrington Capital Management for $139 million, subject to bankruptcy approval. Separately, New Century said CIT Group 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.