J.C. Penney Bankruptcy Sale Not a Done Deal as Some Lenders Balk
The battle for the remains of J.C. Penney (OTC: JCPN.Q) isn't over as a small group of its lenders are balking at the deal to sell the bankrupt retailer to mall operators Simon Property Group (NYSE: SPG) and Brookfield Property Partners (NASDAQ: BPY).
Although the lenders don't object to the sale in principle, they're not happy that a large group of lenders will be receiving 90% of J.C. Penney's assets, including the proceeds from the sale, while the remaining lenders get the balance.
They also say there should be a competitive bidding process for the department store chain.
Source Fool.com
