J. C. Penney Company, Inc.

Case No. 20-20182


Case Background

On May 15, 2020, JCPenney announced that it has entered into a restructuring support agreement (the “RSA”) with lenders holding approximately 70% of JCPenney’s first lien debt to reduce the Company’s outstanding indebtedness and strengthen its financial position. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan (the “Plan”) that is expected to reduce several billion dollars of indebtedness, provide increased financial flexibility to help navigate through the Coronavirus (COVID-19) pandemic, and better position JCPenney for the long-term. To implement the Plan, the Company today filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, in Corpus Christi, Texas (the “Court”).

During this process, JCPenney will continue to be one of the nation’s largest apparel and home retailers with an expansive footprint of hundreds of stores across the U.S. and Puerto Rico and a powerful eCommerce site, jcp.com. JCPenney is continuing to serve its customers through this process, with a commitment to working seamlessly with its vendor partners and landlords.

JCPenney has received commitments for $900 million in debtor-in-possession (“DIP”) financing from its existing first lien lenders, which includes $450 million of new money. Following Court approval, this financing, combined with cash flow generated by the Company’s ongoing operations, is expected to be sufficient to meet JCPenney’s operational and restructuring needs.

Additional information regarding JCPenney’s financial restructuring is available at www.jcprestructuring.com.

Important Information & Dates

First Day Hearing

An electronic hearing on the Debtors' First Day Motions was held on May 16, 2020 at 1:00 p.m. (CT) before the Honorable David R. Jones, United States Bankruptcy Court for the Southern District of Houston, Corpus Christi Division, 1133 N. Shoreline Blvd, Corpus Christi, TX 78401.

An electronic hearing to consider the Interim DIP Order will be held on June 2, 2020 at 3:00 p.m. (CT).

A final electronic hearing on certain First Day Motions will be held on June 11, 2020 at 1:30 p.m. (CT).

Please note that on March 24, 2020, through the entry of the General Order 2020-10, all persons will appear telephonically and may appear via video at this hearing.   

Please see below for the details to join the hearing:

Dial-in number: (832) 917-1510

Conference Room Number: 205691 

Please click below to view and download the Debtors' First Day Motions and Orders:

First Day Motions

First Day Orders

Deadline to File Claims

The Bankruptcy Court has set the following deadlines for filing proofs of claim against the Debtors:

    •  Claims Bar Date: on or before July 10, 2020, at 5:00 p.m. (prevailing CT)

    •  Governmental Bar Date: on or before November 12, 2020, at 5:00 p.m. (prevailing CT)

Click on "Submit a Claim" above to download a proof of claim form and for more information regarding filing a claim against the Debtors.

Notice of Commencement/341(a) Meeting

The meeting of creditors pursuant to section 341(a) of the Bankruptcy Code will be held on June 30, 2020, at 3:00 p.m. (prevailing CT), via Telephone: 877-760-2047, Participant: 7137524416.

Please click below to view and download the 341 Notice:

Notice of Meeting of Creditors Pursuant to Section 341 of the Bankruptcy Code


Dates

May 15 2020 Petition Date ______ Voluntary Peti... Add to Calendar
June 2 2020 Hearing re Interim DIP Order 3:00 p.m. (CT) Interim Order ... Add to Calendar
June 11 2020 Final Hearing on Certain First Day Motions 1:30 p.m. (CT) Courtroom Minu... Add to Calendar

Parties

Debtors' Counsel

  • Kirkland & Ellis LLP

    601 Lexington Avenue
    New York, NY   10022
    http://www.kirkland.com/
    Phone: 212.446.4800
    Fax: 212.446.4900

    Joshua A. Sussberg, P.C.
    Christopher J. Marcus, P.C.
    Aparna Yenamandra
    Rebecca Blake Chaikin
    Allyson Smith Weinhouse
    Jake William Gordon

  • Jackson Walker L.L.P.

    1401 McKinney Street
    Suite 1900
    Houston, TX   77010
    http://www.jw.com/
    Phone: 713.752.4200
    Fax: 713.752.4221

    Matthew D. Cavenaugh
    Jennifer F. Wertz
    Kristhy M. Peguero
    Veronica A. Polnick

United States Trustee and Court Information

Debtors

Case Number Debtor Name Petition Date
Case Number 20-20182 Debtor Name J. C. Penney Company, Inc. Petition Date May 15, 2020
Case Number 20-20198 Debtor Name Future Source LLC Petition Date May 15, 2020
Case Number 20-20183 Debtor Name J. C. Penney Corporation, Inc. Petition Date May 15, 2020
Case Number 20-20184 Debtor Name J. C. Penney Direct Marketing Services LLC Petition Date May 15, 2020
Case Number 20-20185 Debtor Name J. C. Penney Export Merchandising Corporation Petition Date May 15, 2020
Case Number 20-20186 Debtor Name J. C. Penney International, Inc. Petition Date May 15, 2020
Case Number 20-20181 Debtor Name J. C. Penney Properties, LLC Petition Date May 15, 2020
Case Number 20-20187 Debtor Name J. C. Penney Purchasing Corporation Petition Date May 15, 2020
Case Number 20-20188 Debtor Name JCP Construction Services, Inc. Petition Date May 15, 2020
Case Number 20-20189 Debtor Name JCP Media, Inc. Petition Date May 15, 2020
Case Number 20-20190 Debtor Name JCP New Jersey, LLC Petition Date May 15, 2020
Case Number 20-20191 Debtor Name JCP Procurement, Inc. Petition Date May 15, 2020
Case Number 20-20192 Debtor Name JCP Real Estate Holdings, LLC Petition Date May 15, 2020
Case Number 20-20193 Debtor Name JCP Realty, LLC Petition Date May 15, 2020
Case Number 20-20194 Debtor Name JCP Telecom Systems, Inc. Petition Date May 15, 2020
Case Number 20-20195 Debtor Name JCPenney Puerto Rico, Inc. Petition Date May 15, 2020
Case Number 20-20196 Debtor Name JCPenney Services, LLC Petition Date May 15, 2020
Case Number 20-20197 Debtor Name jcpSSC, Inc. Petition Date May 15, 2020