J.C. Penney: Bankruptcy Could Wipe Out Long-Term Creditors

5/11/20

By Shock Exchange, SeekingAlpha

Chatter suggests JCP could file bankruptcy within weeks.

JCP has over $2 billion in near-term obligations. Its liquidity has likely fallen since the pandemic.

New capital would likely go to repay short-term obligations. Its $3.6 billion debt may have to be converted to equity.

Current shareholders could be wiped out. Sell JCP.

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