J.C. Penney Gets Financing Offer Before Skipping Payment [Yahoo! Finance News]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: Yahoo! Finance News
) -- J.C. Penney Co. received an offer for about $300 million in new financing just before it started the clock on a potential bankruptcy filing, according to people with knowledge of the matter.The retailer’s decision to skip a debt payment on April 15 and start a 30-day countdown to default took some of its investors by surprise because the chain had just paid April rent on its stores, the people said. What’s more, it had cash to make the bond payment, and creditors are interested in providing J.C. Penney with financing out of bankruptcy, they said.The offer came from creditors who are in a group of first-lien and second-lien lenders that is organized with advisers at Stroock & Stroock & Lavan LLP and Evercore Inc., the people said. The loan would be secured by real estate that J.C. Penney hasn’t already pledged to other debt, said the people. They asked not to be identified discussing confidential matters.Separately, first-lien creditors are exploring alternatives that could see th
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