J.C. Penney Company, Inc. – Creditors Committee Objects to Proposed DIP Financing, Saving Special Wrath for Gratuitous $225mn Roll-Up,; Advocates Alternative DIP Financing Proposed by Ad Hoc Group of Lenders
June 2, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors' request to access $900.0mn of debtor-in-possession (“DIP”) financing saving particular wrath for a roll-up of $225.0mn of prepetition debt that further protects DIP lenders, impairing previously unencumbered assets that are worth "hundreds of millions of dollars" at the…