J.C. Penney Creditors Seek Talks for Potential Debt Swap
- Department-store chain faces no major maturities until 2023
- Some of retailer’s bondholders believed to be sellers of CDS
A J.C. Penney store inside the Westfield Mall in Culver City, California
Photographer: Martina Albertazzi/BloombergThis article is for subscribers only.
J.C. Penney Co. creditors are pushing for discussions on a possible debt swap that would give the company’s new managers more time to turn the struggling retailer around.
Some of the department-store chain’s bondholders are seeking to rework a portion of its $4 billion of debt well ahead of their maturities in an effort to avoid the last-minute brinkmanship that contributed to the bankruptcies of Toys “R” Us Inc., Sears Holdings Corp. and Barneys New York Inc., according to people with knowledge of the matter.