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
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 was held on June 4, 2020 at 9:00 a.m. (CT).
A final electronic hearing on certain First Day Motions was 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:
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 was held on July 6, 2020, via Telephone: 877-760-2047, Participant: 7137524416.
Please click below to view and download the 341 Notice:
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
|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|