JC Penney skipped an interest payment of $ 12 million due last month, declaring at the time that it was a “strategic decision” to take advantage of a 30-day grace period before to be considered in default. The deadline for this would be Friday. The channel also omitted a $ 17 million interest payment due on May 7, with a five business day grace period. The deadline for making this payment also appears to be Friday.
The reports were provided by Stanley Reed, Niraj Chokshi, Li Yuan, Ben Dooley, Carlos Tejada, Jeanna Smialek, Jim Tankersely, Matt Phillips, Sapna Maheshwari, Michael J. de la Merced and Kevin Granville.