Since New Century is in bankruptcy can I terminate their lease, take possession of any personal property at the premises, or take any legal actions against the Company for money that I am owed?

Section 365 of the Bankruptcy Code grants New Century the authority to assume or reject their executory contracts or leases. Section 362 further provides an automatic stay to protect the Debtors against certain actions. Information regarding the Debtors’ bankruptcy cases, including information on how to file a claim in the case, may be found on www.xroadscms.net/newcentury. If you have further questions, you may wish to seek legal counsel.

The Bankruptcy Court has allowed the Debtors to reject certain leases and approved a ten day notice procedure for rejecting additional leases and other executory contracts. The procedure provides that rejection of a lease is not effective until the Debtors unequivocably relinquish control of the premises to the affected landlord by returning keys or “key codes” to the landlord (the “Lease Rejection Date”). New Century will be removing personal property within the premises, including, without limitation, furniture, equipment and paper files, prior to the Lease Rejection Date. Any property remaining after the Lease Rejection Date is deemed abandoned.

What do I do if I encountered payment problems with the rent check I received?

Due to the bankruptcy filing and subsequent freezing of the bank accounts, some rent checks may have been returned by your bank. We have addressed these problems and request that you re-deposit the rent check. If you have already done so on more than one occasion, and have still encountered problems, please send a request for a replacement check to: Lori.scott@cbre.com.

What do I do if I receive a Notice of Rejection that my lease is being rejected?

As part of the downsizing process, we are rejecting certain real property leases for office locations that we will no longer utilize. If you received a notice, you may want to contact legal counsel regarding your rights. You will be contacted by a New Century representative to discuss our plans for vacating the facility.

Will you remove all your personal property before vacating? What will happen to the personal property remaining at vacant locations?

New Century will be removing personal property within the premises, including, without limitation, furniture, equipment and paper files, prior to the Lease Rejection Date. Any property remaining after the Lease Rejection Date is deemed abandoned. A New Century representative will be contacting the landlords of each of the locations we plan to vacate.