JC Penney Headed For November Ch. 11 Plan Hearing

Law360 (October 7, 2020, 7:03 PM EDT) — A Texas bankruptcy judge on Wednesday set deadlines for J.C. Penney that would see the retailer submit its $1.75 billion asset sale plan and Chapter 11 plan to the court next week before heading for a possible pre-Thanksgiving confirmation fight.  

U.S. Bankruptcy Judge David Jones set the deadlines at a remote hearing that saw J.C. Penney argue that the case needed strict deadlines in order to finalize the sale and its Chapter 11 plan before the holiday shopping season, while a dissenting lender group argued more time was needed to see if a better offer could be found for the retailer’s…

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