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New Century Financial Corp., the collapsed Irvine-based sub-prime mortgage lender, won Bankruptcy Court approval Tuesday to proceed with the sale of its loan origination unit in a swift auction that will end next week.

U.S. Bankruptcy Judge Kevin Carey in Wilmington, Del., said he would sign an order approving the auction, at which the company will seek offers of at least $1 million. Offers for the unit, which stopped making loans last month, are due May 2.