If the bankruptcy was tossed then the DIP Lenders and likely most of the other secured creditors would be impaired. The company doesn’t have the resources to pay them. The property is worth something and would have to be monatized...ie liquidated. The secured creditors would see a good portion of their claims covered, if not all.
But nobody wants to do that as it would wipe out JCP as a business and all the jobs, supplier contracts etc.
That is why they are going through this.
The only real question is how much will the FLM end up with.
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