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NEW CENTURY MORTGAGE AND HOME123 BANKRUPTCY DISCLOSURE STATEMENT

NEW CENTURY MORTGAGE AND HOME123 BANKRUPTCY DISCLOSURE STATEMENT

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LA3:1144379.6
1
UNITED STATES BANKRUPTCY COURTFor the District of Delaware
In reNew Century Mortgage CorporationNew Century Mortgage Ventures, LLCNC Capital CorporationNC Residual III CorporationNew Century R.E.O. Corp.New Century R.E.O. II Corp.New Century R.E.O. III
 
Corp.NC Deltex, LLCNCoral, L.P.NC Asset Holding, L.P.Home123 CorporationNew Century TRS Holdings, Inc.NC Residual IV CorporationNew Century Credit CorporationNew Century Financial CorporationNew Century Warehouse CorporationDebtors.Honorable Kevin J. CareyChapter 1107-1041907-1042907-1042007-1042407-1042607-1042707-1042807-1043007-1043107-1042307-1042107-1041607-1042507-1042207-1041707-11043
DISCLOSURE STATEMENT FOR THE JOINT CHAPTER 11 PLAN OFLIQUIDATION OF THE DEBTORS AND THE OFFICIAL COMMITTEE OFUNSECURED CREDITORS DATED AS OF FEBRUARY 2, 2008
Suzzanne S. UhlandBen H. LoganAndrew M. ParlenO'MELVENY & MYERS LLP275 Battery StreetSan Francisco, California 94111(415) 984-8700Mark CollinsMichael J. MerchantChristopher M. SamisRICHARDS, LAYTON & FINGER, P.A.One Rodney Square920 North King StreetWilmington, Delaware 19801(302) 651-7700Attorneys for the Debtors and Debtors in Possession
 Please note that this Disclosure Statement is a draft and that it has not been approved  by the Bankruptcy Court. Until this Disclosure Statement is approved by the BankruptcyCourt, after a determination that it contains “adequate information” within the meaning of  section 1125 of the Bankruptcy Code, this Disclosure Statement may not be used for solicitation purposes. Accordingly, no party should rely on this Disclosure Statement for the purpose of determining whether or not to vote to accept or reject the Plan or for any other purpose until this Disclosure Statement is approved by the Bankruptcy Court.
 
TABLE OF CONTENTS
 
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LA3:1144379.6
 -i-I. INTRODUCTION.............................................................................................................1A. SUMMARY OF THE PLAN.................................................................................3B. RECOMMENDATION.......................................................................................13II. VOTING..........................................................................................................................14A. ELIGIBILITY TO VOTE....................................................................................14B. BALLOTS............................................................................................................16C. VOTING PROCEDURE.....................................................................................17D. DEADLINE FOR VOTING................................................................................17E. IMPORTANCE OF YOUR VOTE.....................................................................17III. BACKGROUND OF THE DEBTORS AND THE CHAPTER 11 CASES...................17A. INTRODUCTION...............................................................................................17B. EVENTS LEADING TO CHAPTER 11 CASES...............................................23C. THE CHAPTER 11 CASES................................................................................26D. OTHER EVENTS DURING CHAPTER 11 CASES..........................................40E. MANAGEMENT; HEADCOUNT REDUCTION.............................................51IV. THE PLAN......................................................................................................................52A. PLAN OVERVIEW.............................................................................................53B. CLASSIFICATION.............................................................................................65C. THE MULTI-DEBTOR CLAIM PROTOCOL FOR TREATMENT OFCLAIMS AGAINST MULTIPLE DEBTORS....................................................89D. THE INTERCOMPANY PROTOCOL FOR TREATMENT OFINTERCOMPANY CLAIMS..............................................................................90E. MEANS OF IMPLEMENTING THE PLAN......................................................91F. DISTRIBUTIONS UNDER THIS PLAN.........................................................104G. PROVISIONS FOR CLAIMS ADMINISTRATION AND DISPUTEDCLAIMS............................................................................................................114H. EXECUTORY CONTRACTS AND UNEXPIRED LEASES..........................116I. EFFECT OF CONFIRMATION AND INJUNCTION.....................................117J. CONDITIONS PRECEDENT...........................................................................119K. RETENTION OF JURISDICTION...................................................................121L. NON-SEVERABILITY.....................................................................................123
 
TABLE OF CONTENTS
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LA3:1144379.6
 -ii-M. BANKRUPTCY RULE 9019 REQUEST.........................................................123V. FINANCIAL INFORMATION.....................................................................................123A. STATUS OF ASSET DISPOSITION PROCESS; ADDITIONALASSETS OF DEBTORS; CURRENT CASH POSITION................................123B. RISKS ASSOCIATED WITH RECOVERY OF ASSETS...............................130VI. CERTAIN FACTORS TO BE CONSIDERED REGARDING THE PLAN................131VII. CERTAIN FEDERAL INCOME TAX CONSEQUENCES OF THE PLAN..............131A. SUMMARY OF THE PLAN STRUCTURE....................................................132B. FEDERAL INCOME TAX CONSEQUENCES TO HOLDERS OFALLOWED UNSECURED CLAIMS AGAINST HOLDING COMPANYDEBTORS AND OPERATING DEBTORS.....................................................132C. FEDERAL INCOME TAX CONSEQUENCES TO HOLDERS OFALLOWED CLAIMS AGAINST ACCESS LENDING..................................133D. ALLOCATION OF CONSIDERATION TO INTEREST................................134E. FEDERAL INCOME TAX TREATMENT OF HOLDERS OFINTERESTS AND 510(B) CLAIMS................................................................134F. FEDERAL INCOME TAX TREATMENT OF THE LIQUIDATINGTRUST...............................................................................................................134G. FEDERAL INCOME TAX CONSEQUENCES TO THE DEBTORS.............136H. BACKUP WITHHOLDING..............................................................................137VIII. ALTERNATIVES TO CONFIRMATION OF THE PLAN.........................................137IX. ACCEPTANCE AND CONFIRMATION OF THE PLAN..........................................138A. GENERAL CONFIRMATION REQUIREMENTS.........................................138B. BEST INTERESTS TEST.................................................................................138C. FINANCIAL FEASIBILITY TEST..................................................................140D. ACCEPTANCE BY IMPAIRED CLASSES....................................................140X. CONCLUSION..............................................................................................................141

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