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New Competing Bid Tangles JCP Bankruptcy

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A competing $750M offer for J. C. Penney's real estate could stall a December bankruptcy exit as the bidder seeks a bifurcated sale hearing.
The minority group of first-lien lenders is now seeking a bifurcated sale process.
CREDIT: Phelan M. Ebenhack via AP

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J.C. Penney’s Chapter 11 exit plan could be facing a fresh new hurdle. A first-lien minority group is to bifurcate the sale process, with the operating component of the sale taking place on Nov. 2 while the sale of the real estate assets will happen on Nov. 24. The current schedule has the Nov. 2…

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