J.C. Penney creditors want slow down “bad faith” sale

J.C. Penney’s plan to rescue itself from bankruptcy is facing a challenge. A group of the company’s creditors is asking the U.S. Bankruptcy Court in Corpus Christi, Texas to slow the sale of J.C. Penney’s real estate to another group of lenders — called the debtor-in-possession, or DIP, lenders — arguing that the pending deal would allow the buyers a 162.4 percent recovery, leaving the other creditors with a recovery of 10.3 percent, according to

source https://therealdeal.com/2020/10/26/j-c-penney-creditors-want-slow-down-bad-faith-sale/