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

Law360 (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...

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