JC Penney Submits $1.75B Ch. 11 Sale Plan After Deadline

Law360 (October 20, 2020, 3:53 PM EDT) -- J.C. Penney submitted its $1.75 billion sale agreement with a creditor group and a pair of mall owners to a Texas bankruptcy judge Tuesday, one day beyond an already-extended deadline to file the central transaction in its plan to emerge from Chapter 11.

At a remote status conference, counsel for the department store chain told U.S. Bankruptcy Judge David Jones that days of round-the-clock mediation with the proposed purchasers had finally produced a draft sale agreement, which had been filed with the court at about 6 a.m. Tuesday.

"For the first time in a long time, I think the missed deadlines...

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