Delta Financial sells $5.8 million in loans

By Caroline Salls

Pittsburgh, Feb. 15 - Delta Financial Corp. received court approval of the sale of $5.8 million in performing and non-performing loans, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Bayview Fund Acquisitions, LLC was the successful bidder for $3.6 million in unencumbered performing loans, with a bid of 70.565%. Kondaur Capital Corp. was the second-highest bidder for the performing loans, with a bid of 65.120%.

Meanwhile, Waterfall Asset Management was the successful bidder for $2.2 million in unencumbered non-performing loans, with a bid of 44%. Ocwen Nonperforming Loans, LLC was the second highest bidder for this loan pool, with a bid of 42.18%.

Under the bid procedures, the company will reimburse the due diligence costs and expenses of both the successful bidder and second highest bidder for each loan pool.

The expense reimbursement will not exceed $150 for each loan in the pool of loans for which the bidder has submitted an offer.

Delta Financial, a Woodbury, N.Y., specialty consumer finance company, filed for bankruptcy on Dec. 17. Its Chapter 11 case number is 07-11880.

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