JCPenney may be about to emerge from its chapter 11 bankruptcy and get back to the business of retailing. Then again, maybe it won’t.
In what is turning into certainly one of the most convoluted and complicated bankruptcy cases in recent retail history, what had seemed to be a done deal for two shopping mall real estate companies and a group of private equity investors to buy the company has apparently hit a speed bump. How big that bump is and how much damage it will do to the underside of this deal remains to be seen.
The latest wrinkle came earlier this week when a group of smaller lenders to the retailer led by Aurelius