Liberty Mutual Balks At Gottschalks Asset Sale

Law360, New York (March 11, 2009, 12:00 AM EDT) -- Liberty Mutual Insurance Co. has objected to the proposed asset sale of bankrupt regional department store chain Gottschalks Inc., saying that the sale includes the transfer of a property insurance policy without Liberty’s permission.

In an objection filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, Liberty Mutual argued against an order approving the sale procedures of all, or substantially all, of the debtor’s assets, including the assumption and assignment of a commercial property insurance policy to an unidentified third party.

Gottschalks, which...
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