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.
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.
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