New Century Financial: Turn Out the Lights

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For some companies -- Delta Airlines comes to mind -- bankruptcy is a chance to reorganize and have a second chance at life. For others, it’s the end of the line. Tonight New Century Financial appears to be in that second category.

The company today laid off another 2,000 workers because it was unable to find a buyer for its loan-making unit. By the Times’ math, the company’s workforce has now shrunk from 7,200 to 750.

Some employees evidently believed management when it maintained real buyers had shown real interest in buying the loan-making unit. ‘It’s shock and awe in there,’ said Stanton Sasaki, an account executive. ‘It’s absolute sadness.’