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Century 21 Files Bankruptcy and plans to liquidate

While its not surprising that Century 21 which is a 13 store, off-price, brands based retailer filed for Chapter 11 bankruptcy, it is unusual that from the get-go they announced they are liquidating. 

https://nypost.com/2020/09/10/fashion-retailer-century-21-files-for-bankruptcy/

Click below to see a list of their petition and a list of their creditors.

Century21

For further information about C21’s capital structure and what led them to filing bankruptcy, read the declaration of their CFO.  See below:

Century21Declaration

On Thursday evening at the first day bankruptcy court hearings, C21’s lawyer announced that they will be selling the right to prosecute the $175MM lawsuit against the insurance companies.  A copy of that complaint is set forth below:

Century 21 – Summons and Complaint v Starr Surplus Lines Insurance Co

Hello to members of the Stern Distressed Investing Think Tank

This course is intended to provoke and engage you to think about investing in turnarounds, restructurings, and distressed investment opportunities. While it is organized into a series of lectures, the intent is for us to create an environment along the lines of a “think tank.” We will use actual cases to illustrate investment concepts and legal issues that impact investing. Participation in class discussions and by posting on this blog is strongly encouraged and adds to the quality of the course.   Each of you has a unique perspective, shaped by your areas of expertise and experiences and I encourage you to find value in areas which you have an edge whether its medicine, law, art, real estate, commodities, or the market in general.  So what I am I looking for you to post on this blog – ideas, ideas, ideas…that will make money, money, money.  Because at the end of the day, bankruptcy investing is about money.