J. C. Penney Company, Inc.
Case No. 20-20182
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 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
Plan and Disclosure Statement
On October 20, 2020 the Debtors filed their Disclosure Statement for the Joint Chapter 11 Plan of Reorganization related thereto. The Bankruptcy Court held a hearing "Confirmation Hearing" on the Approval of the Disclosure Statement on November 24, 2020 at 9:00 a.m. (CT). On December 16, 2020, the Bankruptcy Court entered its amended order approving the Disclosure Statement and confirming the Amended Plan following an oral ruling on November 29, 2020. On January 30, 2021, the Effective Date of the Plan occurred, and the Plan was consummated.
To view copies of the related documents, click on the link below:
Debtors' Asset Sale Hearing
On October 20, 2020, the Debtors filed a motion to sell substantially all of their assets. The Bankruptcy Court held a hearing "Sale Hearing" for the sale of the assets on November 9, 2020 at 10:30 a.m. (CT).
Please click below to view and download additional Sale Documents:
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.
Kirkland & Ellis LLP
601 Lexington Avenue
New York, NY 10022
Joshua A. Sussberg, P.C.
Christopher J. Marcus, P.C.
Rebecca Blake Chaikin
Allyson Smith Weinhouse
Jake William Gordon
Jackson Walker L.L.P.
1401 McKinney Street
Houston, TX 77010
Matthew D. Cavenaugh
Jennifer F. Wertz
Kristhy M. Peguero
Veronica A. Polnick
United States Trustee and Court Information
Office of the United States Trustee
515 Rusk St, Ste 3516
Houston, TX 77002
United States Bankruptcy Court, Southern District of Texas
1133 N. Shoreline Blvd.
Corpus Christi, TX 78401
Co-Counsel to the Official Committee of Unsecured Creditors
Cole Schotz P.C.
1325 Avenue of the Americas
New York, NY 10019
55 Hudson Yards
New York, NY 10001-2057
Jay R. Indyke
|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|