DENVER — The move by the Colorado Division of Finance to fund a buyer for the deeply troubled $180 million New Horizons Community Credit Union of Denver was progressing last week with a "bidders' meeting" slated here Feb. 8.
Two weeks ago the state's commissioner of financial services, Chris Myklebust, declared New Horizons "critically undercapitalized" and in need of new ownership after the Denver CU suffered large losses on construction loans and subprime auto loans of Centrix Financial, LLC, the third-party lender being sold this month under guidance of a U.S. bankruptcy judge.
Last April New Horizons was placed under NCUA conservatorship.
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