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Report: J. C. Penney lender to auction part of $1.7B loan

Privately owned hedge fund H/2 Capital Partners plans to auction $800 million of a $1.7 billion loan that it made to J. C. Penney Co. Inc., Bloomberg News reported Dec. 6.

The portion of the loan is being marketed through Deutsche Bank AG at a potential price of about 87 cents on the dollar, reflecting a slight discount from current trading levels of about 89 cents, Bloomberg said.

In September, Bloomberg reported that J. C. Penney was preparing to hold talks with lenders to ease its debt burden before the holiday season.