DENVER — The sale of subprime lender Centrix Financial ILC to an East Coast insider group appeared close to a conclusion last week as the U.S. Bankruptcy Court was slated to hear final arguments at a hearing on Jan. 18.
Sale of the assets to a New York and Boston investor/reinsurance group, which includes a minority stake held by Centrix founder and former CEO Robert E. Sutton, was due to be finalized at the court hearing being conducted by Judge Elizabeth E. Brown.
The proposed settlement, to be agreed on by the Unsecured Committee of Creditors, which represents scores of CUs, could help lift some of the financial cloud over the firm following its September 2006 Chapter 11 bankruptcy filing.
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