Fieldstone Mortgage filed for Chapter 11 last week, shortly after announcing that it would stop accepting loan applications and funding mortgage loans. According to court documents, the company has liabilities of more than $100 million, with creditors including Morgan Stanley and Bear Stearns, who are seeking $38.5 million and $15.3 million, respectively. Fieldstone's parent company, Fieldstone Investment was acquired by C-Bass in July.
Cummins, a manufacturer of diesel engines and power generation systems, completed a $400 million accounts receivable securitization that could be increased to $500 million. Norwalk, Conn.-based Cummins completed the deal through GE Commercial Finance Corporate Lending, but financing is just one way in which GE Commercial has assisted the manufacturer. GE also extended services through its GE Access program, which provides businesses access to GE management practices, to help boost companies' performance.