My understanding is that they’re going to announce a Chapter 7 bankruptcy (liquidation) within the next 30-45 days. One of the challenges has been that virtually all of the bulge bracket investment banking firms that would otherwise handle NEW’s investment banking needs right now are prohibited due to conflicts of interest (they’re lenders to NEW and will thus be seeking reparations in the bankruptcy), so NEW has had to go a little further afield for banking services which has delayed things a bit. But the outcome will be the same… kaput.
