Plano, Texas-based Penney has until July 31 to meet the conditions, according to a regulatory filing. It has also agreed to various changes to milestones similar to those set forth in the debtor-in-possession financing agreement.
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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
به کیا میدن
CEO gets billions while regular workers are lay off
Delaying the inevitable