New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 4, 2013
17:22 EDTJCPJ.C. Penney says notice of default from bondholders is invalid, without merit
J. C. Penney Company announced that it received a letter dated January 29, 2013 from Brown Rudnick LLP claiming to represent holders of more than 50% of the company's 7.4% debentures due 2037. The letter purports to be a notice of default under the indenture for these debentures dated April 1, 1994 between J. C. Penney and U. S. Bank National Association as trustee. The company strongly believes the notice of default is invalid and utterly without merit. The company today filed an action for injunctive and declaratory relief in support of its position in the Court of Chancery of the State of Delaware. The action seeks an order enjoining the trustee from declaring an event of default as well as an order declaring that the company is not in default of the Indenture governing the debentures. Ken Hannah, CFO, said, "We believe this notice of default is invalid, completely without merit and is intended to create self-interested trading opportunities in the market, and we will therefore vigorously defend the interests of jcpenney and all of our constituencies in all appropriate forums."
News For JCP From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
January 21, 2015
12:12 EDTJCPBest Buy, home retailers seen getting biggest bump from Sears demise
Subscribe for More Information
January 20, 2015
06:22 EDTJCPJ.C. Penney to bring back 120-page catalog, WSJ reports
J.C. Penney has decided to resurrect its catalog in the form of a 120-page book that will mark the first catalog the chain has sent out since 2010, The Wall Street Journal reports. The retailer, which quit the catalog amid a broader pullback caused by the recession and the rise of e-commerce, now believes the catalog can help drive web sales. Reference Link

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use