National Century Financial Enterprises, Dublin, Ohio, has canceled plans to sell its accounts receivable. Acting Chief Executive David Coles confirmed that two offers were received, but he believes creditors would have been unlikely to approve a deal. Coles is employed by the management firm Alvarez & Marsal, New York. Coles confirmed that he expects NCFE, which filed for Chapter 11 bankruptcy protection in November 2002, to recover an estimated $600 million, far less than what creditors claim to be owed. Some 741 claims totaling at least $5.5 billion were filed against the company by last month's deadline to file nongovernmental claims in the case. -- Mary Chris Jaklevic
NCFE cancels plans to sell accounts receivable
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.