Fremont General exploring sale
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Fremont General Corp., one of the largest sub-prime mortgage lenders before being ordered by regulators to shut that business last March, said it was running low on capital and exploring options including a sale of the company.
The Brea-based parent of Fremont Investment & Loan said it also was deferring interest payments on some of its debt and indefinitely delaying the filing of its annual report.
Fremont had been trying to reposition its business after its accord to obtain an $80-million infusion from an investor group led by billionaire Gerald J. Ford broke down in October.
The company’s announcement came after the end of stock trading Thursday, in which shares of Fremont fell 28 cents to $2.36. In after-hours trading, the stock plunged as low as $1.30.
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