J.C. Penney Says Certain Lenders Ready to Accept Business Plan with Conditions

Business

July 21st, 5:46am

Asharq Al-Awsat

J.C. Penney Co Inc said certain lenders had agreed to accept a business plan on certain conditions. (AFP)

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.

from Asharq AL-awsat https://english.aawsat.com/home/article/2402146/jc-penney-says-certain-lenders-ready-accept-business-plan-conditions