J.C. Penney Revs Up for Sale as Lender Faction Looks to Join Fray

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. 

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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

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