JC Penney Ch. 11 Plan And Shareholder Suits Get OK

Law360 (November 24, 2020, 2:01 PM EST) -- Retailer J.C. Penney on Tuesday got approval for its Chapter 11 plan from a Texas bankruptcy judge after equity committee objections were overcome by an offer by the judge to allow shareholder suits that he had screened for valid claims.

At the remote hearing, the ad hoc equity holders' committee agreed to drop its objections to J.C. Penney's proposal to distribute the proceeds of its $1.75 billion asset sale after U.S. Bankruptcy Judge David Jones proposed striking shareholder legal releases from the plan and taking it on himself to sort shareholder suits based on individual claims from derivative claims.

J.C. Penney...

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