⁍ A U.S. Bankruptcy Judge in Houston signed off on J.C. Penney’s request to begin the process of soliciting creditor votes.
⁍ The department store chain’s proposed reorganization plan rests on the sale of the company to mall operators Simon Property Group and Brookfield Property Partners.
⁍ A hearing on the sale is set for Nov. 2.
– A bankruptcy judge has given JCPenney the green light to move forward with its plan to sell itself to a group of lenders, the Wall Street Journal reports. The judge signed off on the process of soliciting creditor votes for the company’s proposed reorganization plan, which hinges on the sale of the company to mall operators Simon Property Group and Brookfield Property Partners and a group of first lien lenders. A hearing on the sale is set for Nov. 2. In a telephonic hearing on Monday afternoon, US Bankruptcy Judge David Jones in Houston signed off on the department store chain’s request to begin the process of soliciting creditor votes for its proposed reorganization plan, which rests on the sale of the company to mall operators Simon Property Group and Brookfield Property Partners and a group of first lien lenders. As a telephonic hearing on Monday afternoon, US Bankruptcy Judge David Jones in Houston signed off on the company’s request to begin the process of soliciting creditor votes for its proposed reorganization plan, which rests on the sale of the company to mall operators Simon Property Group and Brookfield Property Partners and a group of first lien lenders. A hearing on the sale is set for Nov. 2.
Source: https://www.reuters.com/article/bankruptcy-jcpeney/jc-penney-lenders-fling-accusations-of-economic-terrorism-ahead-of-bankruptcy-sale-idUSL1N2HI024