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Bankruptcy Law

Century 21 Sale of Insurance Claims Gets Bankruptcy Court Nod

Dec. 28, 2020, 6:54 PM

Century 21 Department Stores, which filed for bankruptcy in September due to Covid-19 closures, won court approval for the $59 million sale of its claims against insurers that refused to pay out on businesses interruption policies.

The sale, approved Monday by Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York, is “case-determinative,” allowing unsecured creditors a meaningful recovery in the retailer’s bankruptcy, Century 21’s lawyer Jeff Marwil of Proskauer Rose LLP said at a virtual hearing Monday.

The New York department store company says it’s owed more than $175 million from business interruption...

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