JCPenney Gift Cards JCPenney JCP -2.2% finally has signed an asset purchase agreement with Simon Property Group SPG +0.4% and Brookfield Asset Management. The company also signed agreements with a majority of the company’s DIP (Debtor-in-Possession) lenders and First Lien Lenders. That is good news since it will enable the company to move ahead and plan exit from the Chapter 11 bankruptcy proceedings. Judge David Jones proved to be a very patient but persistent judge to preside over a drawn-out process and now finally see the light at the end of a very long tunnel. It looks like JCPenney has avoided liquidation and the majority of jobs have been saved.
Late Friday Oct. 23 JCPenney posted its financial performance through the period ended Oct. 3. Sales for the eight months fell 44% to $3.668 billion with net loss at $1.156 billion compared to a net loss of $316 million in the year-ago period.The resulted are preliminary do not include certain quarterly adjustments and other explanatory notes and have not been audited or reviewed by any independent public accounting firm JCPenney noted.By the way, you can buy cheap Buy JCPenney Gift Cards from z2u.com
JCPenney filed a bankruptcy reorganization plan and accompanying disclosure statement on October 20 with Judge David Jones. The following facts seem to be clear:An official bankruptcy plan for reorganization and a disclosure statement were filed.JCPenney shareholders will get no monetary recovery and their stock is cancelled.Second-lien noteholders will not get any recovery either because there is a higher level of priority claims.The asset sale deal is not finalized.November 2 is the date set for a hearing to approve the asset sale.