J.C. Penney Lenders Seek Higher Bids For Bankrupt Retailer, Report Says
Lenders for J.C. Penney want bidders to raise their offers as they vie for the bankrupt retailer, according to a Bloomberg report. The bids under consideration aren’t close enough to the about $2.2 billion of debt the lenders hold after Penneys filed for bankruptcy in May, according to the report. It cited people familiar with the matter, who said they couldn’t be named because the deals are private. The earlier proposals were about $1.8 billion, according to the report. There are three separate bids being considered for the department store’s real estate and other assets, the company’s attorney Joshua Sussberg of Kirkland & Ellis said during a court hearing in late July. He did not disclose the names of the bidders or say which offer had been chosen. Read more at CNBC.
