FINANCE

Reuters: Penny hires advisors to explore debt restructuring options

BY CSA Staff

J.C. Penney is looking for help before its debt, which totals about $4 billion, comes due in the next few years, reported Reuters.

The retailer has hired advisers to explore debt restructuring options that would give the company more time with its turnaround efforts, said the report, which cited people familiar with the matter. Penney has been holding discussions with lawyers and investment bankers who specialize in advising troubled companies on debt restructurings and other financial workouts, reported Reuters.

The retailer, which operates more than 860 stores, is exploring options that could include raising additional cash or negotiating with creditors to push out debt maturities, sources told Reuters.

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