Jan 21 ALL TIMES IN EST/GMT - 1000/1500 - Senate inance Committee holds hearing on thenomination o Timothy Geithner to be U.S Treasury secretary 1130/1630 - Treasury Dept holds 70-day bill sale 1300/1800 - Treasury Dept holds weekly sale o 4-weekbills. DIARY - ederal Reser e E ents ED/DIARY U.S IndicatorsUS/ECI U.S Treasury new issues calendarUS/C. Penney Co (JCP.N) said onTuesday it expects to ha e more than $2 billion in cash on itsbalance sheet as o Jan. Penney said its current credit line pro ides addedliquidity or the retailer but has ne er been used or cash needs.The current acility matures in April 2010, and the retailer saidit was in talks with banking partners to modi y or replace the acility in the irst hal o this year The U.S.
department store operator also said it will not berequired to contribute to its primary pension plan this year, anddoes not expect to be required to do so in 2010. It paid a $200 million debt maturity rom cash balances inAugust 2008, J.C. Penney said, adding that its next debt maturitywas or about $500 million in March 2010. It also said it expectedto und that amount rom cash balances. The company said it was pro iding the clari ication regardingits re ol ing credit acility "to mitigate un ounded concerns."Those concerns were tied to a research note issued by JP Morgan'sCharles Grom earlier in the day, Penney spokeswoman DarcieBrossart said. In the note, Grom said that there was a "high likelihood"Penney would need to amend its current credit agreement by thesecond hal o 2009 to a oid iolating its two current inancialco enants.
But, Grom added, Penney could get around the issue dueto actors like no debt maturing near-term and the $2 billion oncash on its balance sheet. Macy's, which operates its namesake stores as well as theBloomingdale's chain, said in December that it reached a deal toamend its credit agreement which it said should remo e any doubtsabout its ability to retire $950 million in debt that is maturingthis year. Last week, Penney's chie executi e, Myron "Mike" Ullman, saidhe was planning business conser ati ely or 2009, adding thatretailers should ocus on inancial security and cash.Penney's shares were down to $17.39 on the New York StockExchange amid a wider market drop. (Reporting by Aarthi Si araman in New York and Karen Jacobs inAtlanta; Editing by Leslie Ge irtz, Phil Berlowitz) Stocks Bonds. Written By: Mark “The Hard Hitter” Ritter The o season saw Toronto Maple Lea s general manager Brian Burke make plenty o changes. The de ense has looked out o sorts all season and the orwards ha e been out o sync as well.In net, a couple injuries ha e limited the play o both Gusta sson and esa Toskala. Losing one o your starting goaltenders is hard enough or a team to bounce back rom, ne er mind your top two.Lack o chemistry, poor de ensi e co erage, an inability to make the irst pass, and a tough October schedule ha e all conspired to lead the Lea s to a 1-7-2 record through 10 games.