Old Copper Co. Inc. (f/k/a CPPRQ/JCPNQ JC Penney)

[temp luvs amy]

Chap 11 is mostly a reorganization. They have limited flexibility, but they have some. Sometimes they exchange debt for shares. Based on the current info, KKR is taking "control" of the company, which means they will own the majority of shares, not necessarily all of them. They will want the purchase to be marketable, so they will take a large number of shares, and increase the O/S substantially. That increase in shares would create or continue the delisting event if they don't do the R/S.

I could be wrong though. They could be offering more than 500% of JCP market on Friday to buy the company on Monday. (When pigs fly)