J.C. Penney seeking around $1 billion in bankruptcy funding: report [MarketWatch]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: MarketWatch
J.C. Penney Co. Inc. is in advanced talks for bankruptcy funding, and is seeking a loan package of $800 million to $1 billion, the Wall Street Journal reported Thursday night. The Journal reported that the troubled retailer is in talks with existing lenders including Wells Fargo & Co., Bank of America Corp. and JPMorgan Chase & Co. for a debtor-in-possession loan that would keep the company's operations running during the bankruptcy process. A bankruptcy filing could come in the following weeks, the report said. Retailers, especially department stores, have been hard-hit by the coronavirus-related shutdown. Last week, Cowen analysts estimated that J.C. Penney had about seven months of operating cash left. Penney's stock has tumbled 75% year to date, compared to the S&P 500's 13% decline.
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