(Bloomberg) — J.C. Penney Co. is skipping an interest payment, putting the struggling retailer on the path toward a potential default on its debt.The department store chain said it’s not paying $12 million due today on its 6.375% senior notes due 2036. Instead, it’s invoking a 30-day grace period, which keeps the missed payment from becoming a formal event of default, and evaluating strategic alternatives.The company’s management is considering bankruptcy in addition to negotiating with creditors, Reuters reported Tuesday. J.C. Penney tapped the restructuring consulting firm AlixPartners LLP for advice on how to ease its $4 billion debt load amid …read more
Source:: Yahoo Finance
