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4-Traders Homepage  >  Equities  >  Nyse  >  J C Penney Company Inc    JCP

J C PENNEY COMPANY INC (JCP)
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J.C. Penney Company, Inc. : Bondholders withdraw claim Penney was in default on bond terms

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03/20/2013 | 10:21pm CEST
The sign at the entrance of a J.C. Penney store is pictured in Arcadia

(Reuters) - J.C. Penney Co Inc bondholders who last month claimed the retailer had breached a covenant of a bond indenture withdrew and rescinded their notice of default on March 18, the company said in a regulatory filing on Wednesday.

The bondholders' law firm, Brown Rudnick, in early February sent Penney a letter saying that the department store operator had breached a covenant by granting a lien on its inventory.

The letter said Brown Rudnick represented investors who hold more than half of the outstanding bonds due in 2037.

The indenture agreement related to $326 million of outstanding bonds that mature in 2037, although the letter said that J.C. Penney could be in default on all of its $2.9 billion bond debt, according to a lawsuit filed by Penney soon after.

In a lawsuit, Penney asked a Delaware judge to declare that it was not in a default of its bond agreements.

The withdrawal of the notice of default is a break for Penney at a time concerns are high the chain could face a cash crunch after it reported a 31.7 percent decline in same-store sales during the fourth quarter.

Brown Rudnick was not immediately available for comment.

Shares of J.C. Penney ended regular trading on Wednesday down 0.7 percent at $16.17. The stock has fallen more than 50 percent in the past year.

(Reporting by Phil Wahba in New York; Editing by Steve Orlofsky)

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Financials ($)
Sales 2019 12 157 M
EBIT 2019 368 M
Net income 2019 50,0 M
Debt 2019 3 446 M
Yield 2019 1,05%
P/E ratio 2019 16,88
P/E ratio 2020 10,33
EV / Sales 2019 0,36x
EV / Sales 2020 0,34x
Capitalization 966 M
Chart J C PENNEY COMPANY INC
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J C Penney Company Inc Technical Analysis Chart | JCP | US7081601061 | 4-Traders
Technical analysis trends J C PENNEY COMPANY INC
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 19
Average target price 3,94 $
Spread / Average Target 27%
EPS Revisions
Managers
NameTitle
Marvin R. Ellison Chairman, President & Chief Executive Officer
Robert Gerald Turner Independent Director
Javier G. Teruel Independent Director
Ronald W. Tysoe Lead Independent Director
B. Craig Owens Independent Director
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