This current report on Form 8-K relates to the Trust Certificates
(the “Certificates”) issued by CABCO Trust for J.C. Penney
Debentures (the “Trust”) relating to the J.C. Penney Company, Inc.
7 5⁄8 % Debentures due March 1, 2097
(the “JCP Debentures”). The Trust was created by the Amended and
Restated Trust Agreement, dated as of March 25, 1999, between
Corporate Asset Backed Corporation, as the depositor (the
“Depositor”), and U.S. Bank National Association as successor
trustee to The Bank of New York (as successor to United States
Trust Company of New York) (the “Trustee”), providing for the
issuance of $52,650,000 aggregate certificate principal balance of
Trust Certificates relating to the JCP Debentures. The Certificates
do not represent obligations of or interests in the Depositor or
the Trustee. The Certificates represent beneficial interests in the
Trust. The Trust’s assets consist primarily of $52,650,000
principal amount of the JCP Debentures.
On May 15, 2020, J.C. Penney Company, Inc. and certain of its
subsidiaries, including J.C. Penney Corporation, Inc., commenced
voluntary cases (the “Chapter 11 Cases”) under chapter 11 of title
11 of the United States Code in the United States Bankruptcy Court
for the Southern District of Texas. On May 18, 2020, J.C.
Penney Company, Inc filed an 8-K with the Securities and Exchange
Commission providing further information.
In addition, on May 18, 2020 the Trustee issued to the holders
of the Certificates a notice regarding an event of default under
the JCP Debentures relating to the bankruptcy. Although this notice
contains a summary of certain information, this notice is not a
complete summary or statement of such information, of relevant law,
or of relevant legal procedures and the Trustee, the Trust and
Corporate Asset Backed Corporation make no representation and
accept no responsibility or liability as to the completeness or
accuracy of the information provided therein. Holders should
carefully consider the implications of the matters described in the
notice and consult with their own legal and financial advisors.
J.C. Penney Company, Inc is subject to the informational
requirements of the Securities Exchange Act of 1934, and in
accordance with those requirements files periodic and current
reports and other information (including financial information)
with the Securities and Exchange Commission (“SEC”) (File
No. 001-15274). In
addition, J.C. Penney Corporation, Inc. (formerly J.C. Penney
Company, Inc.) is subject to the informational requirements of the
Securities Exchange Act of 1934, and in accordance with those
requirements files periodic and current reports and other
information (including financial information) with the Securities
and Exchange Commission (“SEC”) (File No. 001-00777). Information filed
with the SEC can be reviewed electronically through a website
maintained by the SEC. The address of the SEC’s website is
http://www.sec.gov. Information filed with the SEC can be located
by reference to the relevant SEC file number. In addition,
information filed with the SEC can be inspected and copied at the
Public Reference Section of the SEC, 100 F Street, N.E., Room 1580,
Washington, D.C. 20549. Information from outside sources is not
incorporated by reference in, and should not be considered part of,
this document or any document incorporated herein by reference.
Neither the Trust, nor the Trustee, nor Corporate Asset Backed
Corporation has participated in the preparation of such reporting
documents, or made any due diligence investigation with respect to
the information provided therein. Neither the Trust, nor the
Trustee, nor Corporate Asset Backed Corporation has verified the
accuracy or completeness of such documents or reports. There can be
no assurance that events affecting J.C. Penney Company, Inc or J.C.
Penney Corporation, Inc. have not occurred or have not yet been
publicly disclosed which would affect the accuracy or completeness
of the publicly available documents described above.