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BREA, Calif. - Fremont General Corp. got approval from a major creditor to stop making payments on $166.5 million of its debt while Fremont completes the sale of loan assets, the financial services company said Monday.
| CSE | 12.21 |  0.08 |
Fremont, the holding company for Fremont Investment & Loan, entered into a forbearance agreement with Tennenbaum Multi-Strategy Master Fund. The pact expires when an April deal to sell loan assets is either completed or falls apart.
The agreement gives Fremont assurance that it won't be required to repay the debt earlier than expected. The company's shares were delisted from the New York Stock Exchange in April, marking a dramatic downfall for the lender in the wake of the mortgage industry's collapse.
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