Corts Trust for J.C. Penney Debentures
COTRP
Other OTC- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Financial - Capital Markets
- Address
- United States of America
- IPO Date
- Jan 3, 2000
- Similar Companies
- Business
- Corts Trust for J.C. Penney Debentures (COTRP) operates as a special purpose third-party trust that holds and administers 7.625% debentures due March 1, 2097, issued by J.C. Penney Co. Inc.; it issues and distributes Corporate Trust Certificates of Receipt for Stripped Securities (CorTS certificates), which represent fractional undivided beneficial ownership interests in these fixed-rate, long-term debentures and entitle holders to quarterly distributions at a 7.625% per annum rate based on the principal amount of $25 per certificate. The trust's sole activities encompass collecting payments from the underlying debentures, distributing proceeds to certificateholders, and managing administrative obligations related to these securities. Established in 1999 with an initial public offering of 4 million certificates at $25 each, the trust maintains its principal executive offices at 390 Greenwich Street, New York, New York 10013. It primarily serves investors in the structured products and fixed-income markets, with operations focused in the United States. The trust's securities have faced significant challenges following J.C. Penney's Chapter 11 bankruptcy filing in May 2020, which led to the suspension of distributions and delisting from organized exchanges at the issuer's request; the certificates now trade, if at all, on the Other OTC market, though trading activity remains minimal and the stock price has declined to approximately $0.0001. No recent partnerships, funding rounds, acquisitions, new product launches, or strategic expansions have been reported for the trust within the last 1-2 years; ongoing operations are limited to holding the impaired debentures amid the legacy retailer's restructuring, including related entities like the Copper Property CTL Pass Through Trust managing former J.C. Penney properties.