Member access

4-Traders Homepage  >  Shares  >  Nyse  >  J C Penney Company Inc    JCP   US7081601061

Delayed Quote. Delayed Nyse - 02/26 04:02:10 pm
9.12 USD   +1.45%
05:39p J C PENNEY : Penney reports 4Q loss
05:13p J C PENNEY : JC Penney shares slide after 4Q miss
04:07p J C PENNEY : Jcpenney reports $1.1 billion increase in ebitda for fi..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

J.C. Penney Company, Inc. : Bondholders withdraw claim Penney was in default on bond terms

03/20/2013 | 04:21pm US/Eastern

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Penney Co Inc bondholders who last month claimed the retailer had breached a covenant of a bond indenture withdrew and rescinded their notice of default on March 18, the company said in a regulatory filing on Wednesday.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

React to this article
Latest news on J C PENNEY COMPANY INC
05:39p J C PENNEY : Penney reports 4Q loss
05:13p J C PENNEY : JC Penney shares slide after 4Q miss
04:14p J C PENNEY : Results of Operations and Financial Condition (form 8-K)
04:07p J C PENNEY : Jcpenney reports $1.1 billion increase in ebitda for fiscal 2014
11:47aDJMARKET SNAPSHOT : U.S. Stocks Struggle To Push Higher Amid Mixed Economic Report..
10:19aDJMARKET SNAPSHOT : U.S. Stocks Stuck In The Red After Weak Economic Signals
08:55aDJMARKET SNAPSHOT : U.S. Stocks Point To Soft Open After Weak Economic Signals
08:06aDJMARKET SNAPSHOT : U.S. Stocks: Wall Street Await Consumer-price, Durable-goods R..
06:12aDJMARKET SNAPSHOT : U.S. Stocks: Wall Street Trades Sideways Ahead Of CPI, Durable..
02/19 J C PENNEY : JCPenney Springs Into Oscar® Season With New Marketing Campaign
Advertisement
Chart
Duration : Period :
J C Penney Company Inc Technical Analysis Chart | JCP | US7081601061 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF