Rubie’s $140 Million Bankruptcy Sale to Pay Creditors Approved

Bankrupt Rubie’s Costume Co. won court approval of an asset sale that would raise about $140 million to pay off much of creditors’ claims.

The approval Thursday by Judge Alan S. Trust of the U.S. Bankruptcy Court for the Eastern District of New York allows Rubie’s to close the deal that transfers the company to Rubies II LLC.

Joel Weinshanker, chairman of the National Entertainment Collectibles Association Inc., and funds managed by Atalaya Capital Management will own 70% of Rubies II, according to court filings. Marc Beige and his family members, who currently own Rubie’s Costume Co., will get a ...