J.C. Penney Reportedly in Advanced Talks for Bankruptcy Funding [TheStreet.com]
JC PENNEY (JCP)
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Source: TheStreet.com
J.C. Penney(JCPGet ReportThe department store retailer is talking with existing lenders including Wells Fargo, Bank of America and JPMorgan Chase for debtor-in-possession financing that would keep J.C. Penney's operations funded during a court-supervised bankruptcy, the Journal reported, citing people familiar with the matter.The loan package could total roughly $800 million to $1 billion.A bankruptcy filing for J.C. Penney, which has been losing money for years, could take place within the next few weeks, the people told the Journal.The company failed to make a $12 million interest payment that was due April 15, and entered into a 30-day grace period.J.C. Penney isn't the only retailer suffering as the coronavirus pandemic forced the closure of its department stores. Macy'sNeiman MarcusReuters reported last week thatJ.C. Penney's decision to shutter all of its 850 department storesBloomberg also has reported that J.C. Penney was working with restructuring consultants Alix Partners an
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