New Century Financial Corp., the Irvine, Calif.-based subprime lender that filed for Chapter 11 bankruptcy protection in April, has announced that Carrington Capital Management LLC and an affiliate have submitted the highest bid, $188 million, for New Century's loan servicing platform.New Century said the purchase price was reached after an auction involving multiple bidders and represents an increase of approximately 35% from the $139 million initially offered by Carrington Capital and Carrington Mortgage Services LLC. A hearing for the approval of the sale is scheduled for May 21 by the Bankruptcy Court for the District of Delaware. More information about the bankruptcy case can be found online at http://www.ncenrestructuring.com.
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