J.C. Penney’s debt holders prepare a last-minute rival bid for its real estate

J.C. Penney’s lenders are battling over the company’s real estate and their potential payback while the department store retailer needs an end in sight to its bankruptcy as the holiday shopping season looms.



a sign above a store: The J.C. Penney store at Stonebriar Centre in Frisco, Texas.


© Louis DeLuca/Dallas Morning News/TNS
The J.C. Penney store at Stonebriar Centre in Frisco, Texas.

Penney is close to having a solution that keeps alive the 118-year-old business and saves 70,000 jobs, but there’s no firm plan yet filed with the court.

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Deadlines continue to be missed, casting doubt with the retailer’s vendors who in some cases are holding back shipments of merchandise that Penney would need if it’s going to have a productive holiday season.

U.S. Bankruptcy Court Judge David Jones set some firm dates at a hearing on Wednesday to force everyone’s hand and calm suppliers that Penney will survive.

Debt holders led by Aurelius Capital Management plan to file a bid for

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Australia plans big spending pandemic measures, record debt

CANBERRA, Australia – The Australian government Tuesday will reveal a big spending financial blueprint for the next few years that will drive business investment and job creation while repairing pandemic damage to the economy, the treasurer said.

The government is also expected to accrue record debt in the current fiscal year that ends on June 30, 2021, Treasurer Josh Frydenberg told reporters.

“I will lay out our economic recovery plan to rebuild the Australian economy and secure Australia’s future,” he told reporters.

Budget plans usually delivered in May were delayed this year due to the economic uncertainty created by the coronavirus pandemic. The forecasts assume a COVID-19 vaccine will become available next calendar year.

“Our plan will create jobs. Our plan will create opportunity. Our plan will drive investment. Our plan will grow the economy and guarantee the essential services Australians rely on,” Frydenberg said.

The annual budget is expected

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Donald Trump’s massive debt makes him a national security threat | Staff Columnists

So it is easy to imagine how ambitious businessmen with ties to Trump-friendly autocrats might try to help with his financial dilemma.

The Times stories are full of disturbing examples, as Trump Organization hotels and clubs draw lobbyists from countries led by strongmen.

Turkish businessman Mehmet Ali Yalcindag, who helped negotiate a licensing deal in 2008 for two Trump Towers in Istanbul, now lobbies on behalf of Turkish interests in Washington. Turkish business groups schedule events in Trump’s Washington hotel and Turkish airlines host an event at the Trump National Golf Club in suburban Virginia.

Credit card receipts reported to the IRS “reflect the way certain of (Trump’s) resorts, golf courses and hotels became favored stomping grounds, if not venues for influence-trading, beginning in 2015,” writes the Times.

This sleaziness becomes even more disturbing given Trump’s staggering debts that would come due during a second Trump term.

A hefty chunk

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Debt Collectors Have Made a Fortune This Year. Now They’re Coming for More.

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Earlier this year, the pandemic swept across the country, killing 100,000 Americans by the spring, shuttering businesses and schools, and forcing people into their homes. It was a great time to be a debt collector.

In August, Encore Capital, the largest debt buyer in the country, announced that it had doubled its previous record for earnings in a quarter. It primarily had the CARES Act to thank: The bill delivered hundreds of billions of dollars worth of stimulus checks and bulked-up unemployment benefits to Americans, while easing pressures on them by halting foreclosures, evictions and student loan payments. There was no ban on collections of old credit card bills, Encore’s specialty.

At the same time, the pandemic compelled households to

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Burger King owner hopes to wipe $133 million in debt for sale

The owner of the Burger King brand in New Zealand is proposing to wipe about $133 million in debt it owes its creditors, to make it more attractive for sale.

The restaurant chain is being sold as a going concern after companies associated with the franchise operators were put into receivership on April 14.

The first receivers report into the business failure said Burger King’s owners faced financial pressures due to its high secured debt, combined with the impact of the Covid-19 pandemic.

Burger King’s parent shareholding companies Tango Finance, Tango New Zealand Limited and Antares New Zealand Holdings Limited were placed in receivership while Burger King’s operator, Antares Restaurant Group, was not.

READ MORE:
* Coronavirus: 73 businesses fail after claiming wage subsidy
* Burger King receivers say debt and Covid-19 were significant blows
* Burger King failed under the weight debt and low profit margins

The owner of the Burger King brand in NZ is proposing to wipe about $133 million in debt it owes its creditors.

ROBERT KITCHIN/Stuff

The

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