J.C. Penney Creditors Tussle in Talks Over Need for Bankruptcy [Yahoo! Finance News]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: Yahoo! Finance News
Bloomberg) -- J.C. Penney Co., its stores shut and revenue all but extinguished by the pandemic, is continuing to huddle with creditors about how to avert a default after it skipped an interest payment.The struggling chain is seeking their agreement for a deal that would keep it out of bankruptcy, according to people familiar with the negotiations. Management is using a 30-day grace period on the missed $12 million payment as those talks to continue, said the people, who asked not to be named discussing confidential information.The talks have exposed a split among the various constituencies about the chain’s fate. Some groups favor a restructuring out of court, while some of the highest-ranked creditors are pushing for a bankruptcy and liquidation, the people said. Notwithstanding that faction’s desire, liquidating the retailer is not currently on the table as part of the negotiations, the people said.J.C. Penney, led by Chief Executive Officer Jill Soltau, has said it’s considering a
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