Although WYCO Researcher has brought up the possibility of restructuring, I believe that the near-term risk (over the next few years) remains low. It is certainly fair to question J.C. Penney's (JCP) long-term future, but for now it is treading water with flat comps and modestly positive cash flow. It also has only $160 million in debt maturing before 2022 and retains most of the availability under its $2.35 billion secured asset-based credit facility that currently matures in 2022.

Given J.C. Penney's substantial liquidity, low amount of near-term debt maturities and positive cash flow (although the amount of positive cash flow without asset sales would be pretty limited), it is in no immediate danger of restructuring.

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