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

[Philter1972]

After listening to court yesterday. I believe like most that a deal is done, but they do have goals for BK which are making quick progress. Once the goals are complete DIP(done) Approval for 250+ store closures (judge very favorable in regards to those) and Lease negotiations - gearing up... it will all come out.

The executive team took bonus before BK - says deal was done / pay back clause ensures it happens.


Next court date is 6/24 I expect real news around then to break... (could be sooner)


I believe they need to unseal a deal before key markers in July... but I don't know enough about buy out in BK to really understand.


No matter how this goes, company is not insolvent... I think everyone in court agrees.. but they can take advantage due to covid.. Perfect storm...

IMO! GLTA!