Business

US Bankruptcy Court allows J.C. Penney to keep paying staff and vendors

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J.C. Penney Co Inc said on Saturday a U.S. Bankruptcy Court will allow it to keep paying wages and benefits to workers who will remain on the job after the U.S. department store chain filed for Chapter 11 protection from creditors, and also to pay vendors for goods delivered to its stores.

FILE PHOTO: A JC Penney store is shown in Oceanside, California, U.S., July 31, 2019. REUTERS/Mike Blake/File Photo

17 May 2020 07:20AM

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REUTERS: J.C. Penney Co Inc said on Saturday a U.S. Bankruptcy Court will allow it to keep paying wages and benefits to workers who will remain on the job after the U.S. department store chain filed for Chapter 11 protection from creditors, and also to pay vendors for goods delivered to its stores.

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J.C. Penney, which filed for Chapter 11 protection on Friday, said it received the "first-day" approvals from the U.S. Bankruptcy Court for the Southern District of Texas that included access to and use of about US$500 million in cash collateral.

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The company said it will seek authorization at its second-day hearing to access US$900 million in debtor-in-possession financing that it received from its existing first lieRead More – Source