Hedge funds and private-equity firms financing JC Penneys bankruptcy, meanwhile, would take ownership of some stores and distribution centres after forgiving portions of the companys $US5 billion debt load, one of the people said. The lenders, led by H/2 Capital Partners, would own those assets in two separate real estate investment trusts.
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The iconic 118-year-old retailer, which went public at the start of the Great Depression, filed for bankruptcy in May after the pandemic forced it to temporarily close its then nearly 850 stores.
JC Penney will have withstood unprecedented economic turmoil stemming from the pandemic and bankruptcy proceedings that have felled other retailers during less fraught times. In recent years, Toys R…
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