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

[sandeeprdy]

July 10th 2020

UPDATE:

On July 2nd JCP made a draw request to the lenders for the additional 225M of DIP financing. This request had to be made by July 2nd for a July 8th draw milestone in accordance with the DIP Order. The companies cash balance for the week ending June 27th, before this draw, was 979M. The company as of June 20th was running 100M+ above the projected cash balance in the 1st updated budget.

More than 20 potential investors have signed NDA's in connection with the Market Test. At least 4 parties are in serious contention for an OpCo purchase / investment.

On Wednesday the company delivered it's business plan on schedule to the lenders and to other parties of interest. The ad hoc equity committee's professionals have received a copy of this plan and are reviewing it's content. This document is confidential and will not be shared with the public. The company and it's lenders have until July 14th to agree on the business plan. The company has stated they may request more time as they continue negotiations with parties of interest.

The company on Wednesday also announced they will begin making their deferred rent payments. The company had previously obtained a rent deferral until July 13th to pay roughly 34M in lease obligations for June and July.

Will update everyone further as information becomes available.

Sincerely,

Niko Celentano

Chairman

JCP ad hoc equity committee