Court OKs New Century DIP Financing

New Century Financial Corp., Irvine, Calif., has reported bankruptcy court approval of a motion to give the company interim access to up to $50 million of the $150 million debtor-in-possession financing arranged by The CIT Group and Greenwich Capital Financial Products Inc.The U.S. Bankruptcy Court for the District of Delaware also approved New Century's other "first-day" motions, which the company said will facilitate its operations as it pursues the sale of assets and operations under the Chapter 11 process. The motions will allow New Century to continue its customer programs and its employee benefit programs and insurance policies, the company said. New Century can be found online at http://www.ncen.com.