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

[thelionwarrior]

October 16th 2020

UPDATE

On October 7th the court granted the Debtors Emergency Motion (dkt 1543) for entry of an order Scheduling Hearings and Deadlines with respect to the Restructuring Transaction over the objection of the AHEC and the First Lien Minority Group. In granting this order the Debtors assured the courts they would file an APA (Asset Purchase Agreement) and a Plan Disclosure Statement today, October 16th. Last night the Debtors filed an Emergency Motion seeking an extension of the October 16th deadline until October 19th to file the above mentioned documents. Today the AHEC has filed an objection to this Emergency Motion (dkt 1581) which can be seen here.

https://cases.primeclerk.com/jcpenney/Home-DownloadPDF?id1=MTY1NDk0Mg==&id2=0

Time and Time again in this case the Debtors have missed deadlines without consequences. This bankruptcy case has lacked transparency and the anticipated sale transaction is proceeding in a manner that significantly infringes upon parties due process rights. Parties of interest must be granted sufficient time to review any proposed transaction to test the Debtors business judgement.

In urging the court to overrule objections and ender the requested scheduling order, the Debtors emphasized the importance of accountability. This court should adhere to their request and The Motion should be denied. More significantly, however, if the Debtors cannot move these Bankruptcy cases towards completion, then the court may need to consider more severe consequences in order to ensure that other parties in interest are not farther harmed.

Sincerely,

Niko Celentano

Chairman

JCP Ad Hoc Equity Committee