New Century Gets Loans

New Century (NEWC Quote) got funding to pursue its plan to sell itself in parts.

U.S. Bankruptcy Judge Kevin J. Carey approved a debtor-in-possession loan Tuesday. The bankruptcy judge said the beleaguered subprime mortgage lender can borrow up to $150 million from CIT Group (CIT Quote) and Greenwich Capital.

A call to a bankruptcy court attorney handling New Century's case was directed to a spokeswoman in Washington, D.C., who did not immediately return a call. ...