J.C. Penney (JCP) slides 1.8% AH after announcing the receipt of a Notice of Default from a law...

|About: J.C. Penney Company Inc. (JCP)|By:, SA News Editor

J.C. Penney (JCP) slides 1.8% AH after announcing the receipt of a Notice of Default from a law firm claiming to represent a majority of the holders of the company's 7.4% bonds due in 2037. Calling the notice "invalid and utterly without merit," J.C. Penney has filed an injunction enjoining the bond trustee from declaring an event of default. (PR)