JCPenney Prepares To File For Bankruptcy [zero hedge]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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ir.jcpenney.com
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Source: zero hedge
JCPenney Prepares To File For Bankruptcy It's finally here. After a decade of management turnover, near misses, last minute rescues, and one valeant (sic) if disastrous attempt at an activist turnaround, one of the most iconic US retailers and mall anchors, J.C. Penney, is preparping to file for bankruptcy. According to the Journal, J.C. Penney is in advanced talks for bankruptcy funding with a group of lenders, a sign the troubled retailer about to make a visit to 1 Bowling Green. JCP is in discussions with existing lenders including Wells Fargo, Bank of America and JPMorgan for a debtor-in-possession loan that would keep the department-store chain's operations funded during a court-supervised bankruptcy, according to people familiar with the matter. The DIP loan would be roughly $800 million to $1 billion, with some of that money potentially including existing debt, and priming all the other unsecured creditors who will end up with a chunk of the post-petition equity, assuming of co
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