J.C. Penney has now marked out a finish line to dash toward as it attempts to finalize a going-concern sale to landlords Simon Property Group and Brookfield Property and a majority group of first lien lenders.
At a hearing Wednesday in Texas bankruptcy court, where the case began in mid-May, U.S. Bankruptcy Judge David Jones approved a timeline that puts the retailer on a path to a sale hearing on Nov. 2, and a Chapter 11 confirmation plan hearing on Nov. 24 and Nov. 25. The timeline would allow a first lien minority group, which has argued that the power dynamics in the case have undercut its interests, to craft its own bid to join the sale process.
More from WWD
At Wednesday’s hearing, Joshua Sussberg, a partner at Kirkland & Ellis LLP representing J.C. Penney, made the case for the urgency of the sale process at this point in