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4-Traders Homepage  >  Equities  >  Nyse  >  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 CET

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Penney Co Inc bondholders who last month claimed the retailer had breached a covenant of a bond indenture withdrew and rescinded their notice of default on March 18, the company said in a regulatory filing on Wednesday.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 2018 12 386 M
EBIT 2018 494 M
Net income 2018 155 M
Debt 2018 3 444 M
Yield 2018 -
P/E ratio 2018 13,74
P/E ratio 2019 11,76
EV / Sales 2018 0,44x
EV / Sales 2019 0,42x
Capitalization 2 047 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 8,86 $
Spread / Average Target 33%
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Managers
NameTitle
Marvin R. Ellison Chairman, President & Chief Executive Officer
Edward J. Record Chief Financial Officer & Executive Vice President
Therace Risch Chief Information Officer & Executive VP
Robert Gerald Turner Independent Director
Leonard H. Roberts Independent Director
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