July 20, 2020 / 9:53 PM / 21 days ago

CORRECTED-J.C. Penney says lenders agree to push deadline for business plan approval (July 20)

(Corrects headline and paragraph 1 to say lenders had extended deadline to July 31 to win approval for a business plan, and not that they had agreed to accept a business plan. Removes reference to July 31 in paragraph 2)

July 20 (Reuters) - J.C. Penney Co Inc said on Monday lenders had agreed to extend the deadline to July 31 for the company to win approvals on a business plan, as the department-store operator looks to emerge from bankruptcy protection.

It has also agreed to various changes to milestones similar to those set forth in the debtor-in-possession financing agreement. (bit.ly/2OERE0D)

Penney in May filed for bankruptcy protection and said it reached an agreement with existing lenders for $900 million of debtor-in-possession financing to aid operations.

Earlier this month, Penney said it would cut about 1,000 jobs as it battles pressure from COVID-19-related disruptions. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Anil D’Silva)

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