J.C. Penney Lenders Led by Aurelius Seek to Slow Property Sale

(Bloomberg) — A group of creditors to J.C. Penney Co. is seeking to slow the sale of the bankrupt retailer’s real estate to another group of lenders, saying that it provides the buyers an undeserved windfall and reeks “of not only greed but abhorrent bad faith.”



a group of people performing on a counter: Christmas decorations are displayed near the entrance to a J.C. Penney store inside the Westfield Mall in Culver City, California, U.S., on Friday, Nov. 16, 2018. Third-quarter reports from department stores gave investors reason to sell retail stocks. Some on Wall Street are starting to raise caution about the fourth quarter as well, particularly given the year-to-date strength of the group.


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Christmas decorations are displayed near the entrance to a J.C. Penney store inside the Westfield Mall in Culver City, California, U.S., on Friday, Nov. 16, 2018. Third-quarter reports from department stores gave investors reason to sell retail stocks. Some on Wall Street are starting to raise caution about the fourth quarter as well, particularly given the year-to-date strength of the group.

The objecting creditors, led by Aurelius Capital Management, say they submitted a $750 million competing bid for J.C. Penney’s properties that would provide $600 million more to the bankrupt estate and more evenly distribute proceeds among creditors. They’re asking Judge David

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