June 10, 2020

GLAS appointed Agent for bankruptcy of J. C. Penney

May 2020, New York

GLAS USA LLC has been appointed Administrative Agent and GLAS Americas LLC has been appointed Collateral Agent for a $900 million DIP Loan Facility for the restructuring of J. C. Penney’s outstanding debt. J. C. Penney announced it was filing for Chapter 11 bankruptcy on May 15, 2020.

J. C. Penney Company, Inc. is an American department store chain.

Martin Reed, GLAS America’s Senior Vice President, says, “This is a critical milestone for us as GLAS continually provides exceptional service given the current climate.”

GLAS was represented by Arnold & Porter Kaye Scholer LLP.

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New York, Restructuring