JC Penney Gets Nod For $450M In Ch. 11 Financing

By Rick Archer (June 4, 2020, 9:28 PM EDT) -- A Texas bankruptcy judge approved a $450 million Chapter 11 financing package for J.C. Penney Co. on Thursday after the company said that only its first-lien lenders were willing to put money into the retail chain in the face of COVID-19.

U.S. Bankruptcy Judge David Jones overrode objections from the company's unsecured creditors and approved the deal despite what he said would be "highly objectionable" provisions under other circumstances. The retail chain had said the uncertainty about its valuation and future sales had scared off all other lenders.

"I recognize this was an investment, if not into a black hole, then...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!