NYSE to Suspend Trading in J. C. Penney Company (JCP)

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JC Penney (JCP) Files Chapter 11 Bankruptcy

May 18, 2020 6:14 AM EDT

J. C. Penney Company, Inc. (NYSE: JCP) today announced that it has entered into a restructuring support agreement (the RSA) with lenders holding approximately 70% of JCPenneys first lien debt to reduce the Companys outstanding indebtedness and strengthen its financial position. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan (the Plan) that is expected to reduce several billion dollars of indebtedness, provide increased financial flexibility to help navigate through the Coronavirus (COVID-19) pandemic, and better position JCPenney for the long-term. To implement the Plan, the Company today filed voluntary petitions for reorganization... More