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Century 21 Department Stores statement OK’d; plan hearing April 26
By Sarah Lizee
Olympia, Wash., March 16 – Century 21 Department Stores LLC received approval of the disclosure statement for its Chapter 11 plan on Tuesday, according to an order filed with the U.S. Bankruptcy Court for the Southern District of New York.
A hearing on confirmation of the plan is scheduled for April 26.
The plan contemplates winding up the debtors’ affairs and administering their remaining assets, as previously reported.
A plan administrator will fund distributions with cash held on the effective date and proceeds of any non-cash or contingent assets.
Administrative claims, professional fee claims and pre-petition secured claims will be paid in full.
Holders of other secured claims will receive payment in full in cash or the collateral securing their claims.
Holders of other priority claims will receive payment in full in cash.
Holders of general unsecured claims will receive a pro rata share of the general unsecured claims recovery, which will consist of any cash in the post effective date reserve after satisfying all administrative claims, priority tax claims, other secured claims and allowed other priority claims, funding the disputed reserve account for any disputed claims and paying and reserving for the wind-down costs.
Intercompany claims, intercompany interests and interests in C21 Department Stores Holdings LLC and LI 2000, Inc. will be canceled with no distribution.
New York-based Century 21 owns and operates retail stores that sell apparel, footwear, outerwear, lingerie and accessories. The company filed bankruptcy on Sept. 10, 2020 under Chapter 11 case number 20-12097.
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