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Bankruptcy Court Approves J. C. Penney Sale

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Bankrupt J.C. Penney walked away from Monday’s marathon hearing with long-awaited court approval on its sale to first-lien lenders and landlords. Witness testimony emphasized the “economic reality” of Penney’s precarious financial position if the proposed sale failed to garner the court’s green light. “Our goal from the beginning of this process has been to ensure…

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