The US Bankruptcy Court approved the third modified first amended plan of reorganization and disclosure statement of J. C. Penney Company, Inc. on December 14, 2020. The debtor has filed its third modified first amended plan in the Court on December 12, 2020. As per the amended plan, administrative claims, professional fee claims, dip claims, other priority claims, ABL claims and secured swap claims of $1.26 billion and priority tax claims shall be paid in full in cash. Other secured claims shall either be paid in full or delivered the collateral securing any such claim, reinstated or such other treatment rendering such claim unimpaired. First lien claims of $1.57 billion consisting of $1.10 billion of term loan claims and $469.26 million of first line notes claims, shall receive pursuant to the sale transaction, its credit bid pro rata share of the credit bid distributions subject to distribution under the plan (and subject to dilution on accord of the management incentive plan, if any) and its pro rata share of any cash remaining in the wind-down reserve, professional fee escrow, administrative / priority claims reserve once all allowed claims entitled to payment therefrom have been satisfied. Second lien notes claims of $524.93 million will be paid through pro rata share of any portion of the $1.5 million of cash distributed to the Second Lien Notes Trustee, plus its pro rata share of any cash remaining in the Wind-Down Reserve once all allowed claims entitled to payment therefrom are satisfied, plus its pro rata share (taken together with the Unsecured Notes Claims and General Unsecured Claims) of the unsecured claims earnout pool. Both Unsecured Notes Claims which are $1346.36 million and general unsecured claims, will be paid through pro rata share of any portion of the $0.75 million of cash distributed to the Unsecured Notes Trustees, plus its Pro Rata share plus its pro rata share of any cash remaining in the Wind-Down Reserve once all allowed claims entitled to payment therefrom are satisfied, plus its pro rata share (taken together with the Unsecured Notes Claims and General Unsecured Claims) of the unsecured claims earnout pool. Intercompany claims and intercompany interests shall either be setoff, contributed, distributed, compromised, settled, reinstated, canceled and released without any distribution. Existing equity interests will be canceled, released, and extinguished, and will be of no further force or effect. The debtors are not aware of any valid section 510(b) claim and believe that no such section 510(b) claim exists. If any, shall be discharged, cancelled, released, and extinguished without any distribution to holders of such claims. The plan shall be funded from the proceeds of the exit ABL facility, the exit FILO facility, cash of the debtors, and the OpCo-Company cash payment. Upon a certification to be filed with the bankruptcy court by the plan administrator of all distributions having been made and completion of all its duties under the plan and entry of a final decree closing the last of the chapter 11 cases, the wind-down debtors shall be deemed to be dissolved without any further action.