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JCP - Bankrupt J.C. Penney Might End-Up Selling All Their Assets And Liquidating
J.C. Penney Company Inc.
J.C. Penney Company (JCP) finally filed for Ch.11 bankruptcy on May 15 in Texas. Under the Restructuring Support Agreement current JCP shareholders are getting nothing. May 15 was end of the 30-day grace period used after the company did not pay interest on some notes due April 15. Under the RSA (the RSA can be found in the CFO declaration-docket 25) they are planning to divide up J.C. Penney into an operating retail company and a REIT with separate stockholders and management, but if certain standards are not met later this