Article: J. C. Penney Corporation, Inc. Modifies Debt Exchange Offer and Related Consent Solicitation.

Business Editors

J. C. Penney Corporation, Inc., a wholly-owned subsidiary of J. C. Penney Company, Inc. (NYSE: JCP), announced today that it has modified the terms of its offer to exchange new 9.000% Notes due 2012 for its outstanding 6.125% Notes due 2003, 7.375% Notes due 2004 and 6.900% Debentures due 2026 and its related consent solicitation seeking certain amendments to the indentures under which those notes were issued.

As to each of the three series of notes subject to its exchange offer and consent solicitation, J. C. Penney Corporation, Inc. has waived the requirement that it receive consents representing more than two-thirds in aggregate ...

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