SPFC Out of Business

Southern Pacific Funding Corp., Lake Oswego, Ore., is now working on a plan for an orderly liquidation of its assets after its failure to obtain advance funds from Greenwich Capital Markets Inc. for a previously announced post-bankruptcy filing credit facility.The funds were not made available because court approval was not received as to certain financing terms. SPFC has notified its brokers that loan fundings have been permanently halted. E. James Hedemark, chief executive, said "the company recognizes its responsibility to its creditors and will deal fairly and honestly with its creditors."