Hayman Capital sells entire stake in J.C. Penney: Bloomberg TV

Thu Dec 5, 2013 1:22pm EST
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(Reuters) - Hedge fund Hayman Capital Management LP sold all its shares in J.C. Penney (JCP.N: Quote) but still holds the ailing retailer's debt, fund manager Kyle Bass told Bloomberg TV on Thursday.

Penney's shares fell as much as 10 percent to $8.65, their biggest drop since September 27, on the New York Stock Exchange.

Dallas-based Hayman Capital, known for earning millions by betting against the overheated subprime market before the financial crisis, declined to comment to Reuters.

Hayman disclosed a 5.2 percent stake in Penney in September, but reported in November that it had reduced that to about 1.87 percent. (link.reuters.com/qaz25v)

J.C. Penney said on Tuesday comparable-store sales rose for the second straight month in November as its aggressive discounts and the return of some in-house brands brought back shoppers to its stores.

(Reporting by Aditi Shrivastava and Sam Forgione; Editing by Don Sebastian)

Kyle Bass, founder and principal of Hayman Capital Management, L.P., speaks at the Sohn Investment Conference in New York, May 8, 2013. REUTERS/Brendan McDermid