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WFC - New Group of Lenders Offers JC Penney a Better Bankruptcy Loan Package
Wells Fargo & Company
A new wrinkle in the planned bankruptcy of retailer JC Penney(NYSE: JCP) emerged Thursday as a group of lenders, including Aurelius Capital Management, is attempting to oust the original lenders from the process by offering JC Penney a loan with better terms.
When JC Penney filed for Chapter 11 bankruptcy in mid-May, its bankruptcy financing appeared to be settled. Silver Point Capital and H/2 Capital Partners led a group of creditors offering JC Penney $900 million in financing while imposing a strict restructuring schedule on the retailer.