J.C. Penney Said to Get Financing Offer Before Skipping Payment

J.C. Penney Co. received an offer for about $300 million in new financing just before it started the clock on a potential bankruptcy filing, according to people with knowledge of the matter.

The retailer’s decision to skip a debt paymenton April 15 and start a 30-day countdown to default took some of its investors by surprise because the chain had just paid April rent on its stores, the people said. What’s more, it had cash to make the bond payment, and creditors are interested in providing J.C. Penney with financing out of bankruptcy, they said.

The offer came from ...