CNBC: J.C. Penney’s top lenders set to make credit bid to own the retailer

Posted at 9:30 AM, Sep 02, 2020
and last updated 2020-09-02 12:30:07-04

Discussions over J.C. Penney Co. Inc. and its future to find a buyer have hit a “stalemate,” according to the retailer's attorney, CNBC reported.

Potential bidders for the Plano-based retailer include mall owners Simon Property Group and Brookfield, the report said.

The department store chain's attorney, Joshua Sussberg of Kirkland & Ellis, said Monday during a bankruptcy court hearing that JCPenney’s top lenders are set to make a credit bid to own the department store chain as a stand-alone company.

“Our lenders are no longer going to be held hostage in negotiations with third parties,” Sussberg said, CNBC reported. “While it is possible that one of the bidders comes back into the transaction, we can no longer stand idly by and allow for negotiating postures to stand in the way of 70,000 jobs and our vendor base.”

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