DENVER — Presidential primary votes aren't the only ones beingregistered nowadays. Creditors of Centrix Financial LLC, thesubprime automobile lender have also been busy voting on its planto exit Chapter 11 bankruptcy.

In January, Judge Elizabeth E. Brown of the U.S. BankruptcyCourt here signed off on the Centrix plan, and voting by creditorswas slated to continue through March 4.

But the outcome of Centrix' failed Portfolio Management Program(PMP) for credit unions–integral to its bankruptcy filing–is farfrom final. While credit unions continue to make subprime andindirect auto loans, they don't do so through a third-partystructure like the Centrix PMP.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.