Thursday , December 3 2020

JC Penney lenders seek to slow property sale

Bloomberg

A group of creditors to JC Penney is seeking to slow the sale of the bankrupt retailer’s real estate to another group of lenders, saying that it provides the buyers an undeserved windfall and reeks “of not only greed but abhorrent bad faith.”
The objecting creditors, led by Aurelius Capital Management, say they submitted a $750 million competing bid for JC Penney’s properties that would provide $600 million more to the bankrupt estate and more evenly distribute proceeds among creditors.
They’re asking Judge David Jones to order a separate process for the property sale to the so-called DIP lender group.

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