JC Penney Gets OK For $1.75B Asset Sale

Law360 (November 9, 2020, 11:46 PM EST) -- A Texas bankruptcy judge Monday approved J.C. Penney's $1.75 million Chapter 11 sale, saying while he sympathized with objecting shareholders the sale was the best shot at keeping the 118-year-old department store chain in business.

Following a nearly 10 1/2-hour remote hearing, U.S. Bankruptcy Judge David Jones praised the "creativity" of the alternate restructuring plan proposed by an ad hoc shareholder committee, and said if only his money were at risk he might take a chance on it.

"But I am gambling with the investments of a capital structure that supports this plan. I am gambling with 60,000 jobs," he said....

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