Filings by Securities and Exchange Commission reveal that JC Penney is fast emerging from bankruptcy by forging an agreement with first-lien lenders on a workable business plan. However, the retailer needs to meet certain conditions by July 31.

If Penney’s is able to fulfill these conditions, it may be able to conclude Chapter 11 proceedings, filed on May 15, by early autumn. But if it fails, Penny’s will shut down altogether or end up for sale. Buyers like rand management firm Authentic Brands Group and landlords Simon Property Group and Brookfield Asset Management are waiting to acquire the firm.

Already, Penney’s is in the process of closing about 150 stores, and just announced last week plans to cut 1,000 jobs. For its first quarter ended May 2, the retailer reported a wider net loss of $546 million, or $1.69 a diluted share, versus a net loss of $154 million, or 48 cents, in the year-ago period. Its total revenues fell by 53.2 percent to $1.20 billion from $2.56 billion, which includes a decline of 55.6 percent in net sales to $1.08 billion from $2.44 billion. The balance of revenue was from credit income, or revenue from its private-label credit card program.