(Bloomberg) — Tensions flared in bankruptcy court Monday over J.C. Penney Co.’s proposed sale to its lenders and landlords, with one lawyer alleging a dissenting creditor group is waging “economic terrorism” in search of a payout.Those creditors, led by Aurelius Capital Management, hold J.C. Penney term loans and other debt. They’ve submitted a competing proposal to buy the retailer’s real estate while still allowing mall owners Simon Property Group Inc. and Brookfield Property Partners take over the company’s operations. But the proposal isn’t feasible and is instead an attempt by those lenders to “extract a premium,” Andrew Leblanc of Milbank …read more
Source:: Yahoo Finance
