Item 1.01. Entry into a Material Definitive Agreement.
As previously reported, on May 15, 2020, J. C. Penney Company, Inc. (the
"Company") and certain of its subsidiaries (together with the Company, the
"Debtors") commenced voluntary cases under chapter 11 of title 11 of the United
States Code (the "Chapter 11 Cases") in the United States Bankruptcy Court for
the Southern District of Texas. Prior to the commencement of the Chapter 11
Cases, on May 15, 2020, the Company and its subsidiaries (together with the
Company, the "Company Parties") entered into a Restructuring Support Agreement
(together with all exhibits and schedules, the "RSA") with members of an ad hoc
group of lenders and noteholders (the "Ad Hoc Group").
On September 25, 2020, the Company Parties and the Required Consenting First
Lien Lenders (as defined in the RSA) entered into an amendment to the RSA,
effective as of September 9, 2020, to, among other things, indicate their
support for the Ad Hoc Group's credit bid for the sale of all or substantially
all of the assets of the Company.
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