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Home > JCP Craters To Single-Digits As Specter Of Bankruptcy Filing Rises

JCP Craters To Single-Digits As Specter Of Bankruptcy Filing Rises

By Tyler Durden
Created 09/25/2013 - 09:39
Tyler Durden's picture [1]
Submitted by Tyler Durden [1] on 09/25/2013 09:39 -0500



 

Why is JCP down nearly 6% 16% this morning?

JCP now trades sub-$10

[4]

 

Here's why:

[5]

As we reported in detail yesterday [6], as part of Goldman's Buy JCP CDS reco, the firm conducted this recovery analysis on the unsecured bonds. Its best case recovery on the unsecureds: 65% (and 13% in the worst case). Translation: equity is "impaired" in pretty much any case.

 

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Source URL: http://www.zerohedge.com/news/2013-09-25/jcp-craters-specter-bankruptcy-filing-rises

Links:
[1] http://www.zerohedge.com/users/tyler-durden
[2] http://www.zerohedge.com/taxonomy_vtn/term/142
[3] http://www.zerohedge.com/taxonomy_vtn/term/11361
[4] http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/09/20130925_JCP1.jpg
[5] http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/09/JCP%20Recovery.jpg
[6] http://www.zerohedge.com/news/2013-09-24/goldman-goes-medieval-jcpenney-shorts-bonds-slams-liquidity-expects-default-risk-sur