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PFH - J.C. Penney: First Look At Bankruptcy Motions And Discussions At First Day Hearing
Prudential Financial Inc. 4.125% Junior Subordinated Notes due 2060
On May 15th, 2020, JC Penney filed for voluntary bankruptcy (case 20-20182). On Saturday, May 16th, "first day hearings" were held with the purpose of ensuring that JC Penney (JCP) can continue to operate, protected from creditors, but also to begin the planning of the process of restructuring the company.
The purpose of this article is to highlight a few key issues raised during the "first day" hearings. No analytical approach is possible of an analysis of the capital stack at this point, given that the last financial report was for the Penney