According to a Bloomberg report, lenders from J.C. Penney persuade bidders to increase their bids as they vie for bankrupt retailers.
The deals being considered are not close enough to the approximately $ 2.2 billion in debt that lenders hold after Penney filed for bankruptcy in May. People familiar with the matter were quoted who said they could not be named because the business was private. The previous proposals, according to the report, were around $ 1.8 billion.
There are three separate listings for the department store's real estate and other assets, the company's lawyer, Joshua Sussberg of Kirkland & Ellis, said during a court hearing in late July. He did not announce the names of the bidders, nor did he say which offer had been chosen.
The bidders are Sycamore private equity firms; Mall operators Simon Property Group and Brookfield Property Partners bid together; and Saks Fifth Avenue owner Hudson & # 39; s Bay Company, a person familiar with the talks, previously told CNBC.
J.C. Penney declined to comment.
—CNBCs Lauren Thomas contributed to this report.