BRIEF-J.C. Penney Files For Bankruptcy Protection

J C Penney Company Inc: * JCPENNEY TO REDUCE DEBT AND STRENGTHEN FINANCIAL POSITION THROUGH RESTRUCTURING SUPPORT AGREEMENT

* JCPENNEY TO REDUCE DEBT AND STRENGTHEN FINANCIAL POSITION THROUGH RESTRUCTURING SUPPORT AGREEMENT * J C PENNEY COMPANY INC - RESTRUCTURING SUPPORT AGREEMENT SUPPORTED BY APPROXIMATELY 70% OF FIRST LIEN LENDERS

* J C PENNEY COMPANY - SECURES $900 MILLION IN DEBTOR-IN-POSSESSION FINANCING * J C PENNEY COMPANY INC - HAS APPROXIMATELY $500 MILLION IN CASH ON HAND AS OF CHAPTER 11 FILING DATE

* J C PENNEY COMPANY INC - FILES VOLUNTARY CHAPTER 11 PETITIONS TO IMPLEMENT FINANCIAL RESTRUCTURING PLAN * J C PENNEY COMPANY INC - STORES WILL CLOSE IN PHASES THROUGHOUT CHAPTER 11 PROCESS

* J C PENNEY COMPANY INC - AS PART OF DIP COMMITMENT WILL EXPLORE ADDITIONAL OPPORTUNITIES INCLUDING A THIRD-PARTY SALE PROCESS * J C PENNEY COMPANY INC - WILL REDUCE ITS STORE FOOTPRINT

* J C PENNEY COMPANY INC - FIRST PHASE OF CLOSURES, INCLUDING SPECIFIC STORE DETAILS AND TIMING, WILL BE DISCLOSED IN COMING WEEKS * J C PENNEY - FILED VOLUNTARY PETITIONS FOR REORG UNDER CHAPTER 11 IN U.S. BANKRUPTCY COURT FOR SOUTHERN DISTRICT OF TEXAS, IN CORPUS CHRISTI, TX

* J C PENNEY - DIP FINANCING, WITH CASH FLOW GENERATED BY ONGOING OPERATIONS, IS EXPECTED TO BE SUFFICIENT TO MEET OPERATIONAL & RESTRUCTURING NEEDS Source text for Eikon: Further company coverage: