By Alistair Barr and Dhanya Skariachan

(Reuters) – Goldman Sachs has arranged a $1.75 billion financing package for retailer J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz), backed by the department store chain’s real estate and other assets, CNBC reported on Friday.

Shares of the ailing retailer closed 11.5 percent higher at $17.00 after the CNBC report, having touched their highest levels in nearly two months. Penney spokesman Joey Thomas said the company does not comment on speculation or rumor.

April 26 (Reuters) – Goldman Sachs has arranged a $1.75
billion financing package for retailer J.C. Penney Co Inc
, backed by the department store chain’s real estate and
other assets, CNBC reported on Friday.

Shares of the ailing retailer closed 11.5 percent higher at
$17.00 after the CNBC report, having touched their highest
levels in nearly two months. Penney spokesman Joey Thomas said
the company does not comment on speculation or rumor.

NEW YORK (Reuters) – Billionaire investor George Soros reported a 7.9 percent passive stake in J.C. Penney Co (JCP.N: Quote, Profile, Research, Stock Buzz) on Thursday, sending shares of the struggling department store chain up more than 7 percent.

Soros joins another billionaire, Bill Ackman, as one of the five largest stakeholders of the century-old retailer.