J.C. Penney says certain lenders ready to accept business plan with conditions
Jul 21, 2020
J.C. Penney Co Inc said on Monday certain lenders had agreed to accept a business plan on certain conditions as the department-store operator looks to emerge from bankruptcy protection.
Plano, Texas-based Penney has until July 31 to meet the conditions, according to a regulatory filing. It has also agreed to various changes to milestones similar to those set forth in the debtor-in-possession financing agreement.
Penney in May filed for bankruptcy protection and said it reached an agreement with existing lenders for $900 million of debtor-in-possession financing to aid operations.
Earlier this month, Penney said it would cut about 1,000 jobs as it battles pressure from Covid-19-related disruptions.
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