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.

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Source Fool.com