J.C. Penney Co. and the lenders it’s asking to finance a potential bankruptcy are struggling to find sufficient company assets to secure the additional debt, according to people familiar with the search.
With inventory going stale in idled stores and real estate valuations slipping amid the coronavirus pandemic, they’re recalculating the value of collateral that secures existing debt, and trying to determine whether the company can back another sizable loan, the people said. They asked not to be identified because the talks are confidential. . . . more