J.C. Penney Co. announced that U.S. Bankruptcy Court for the Southern District of Texas has approved the asset purchase agreement (APA) with Brookfield Asset Management, Simon Property Group and the company’s DIP and first lien lenders.
Pursuant to the APA, Brookfield and Simon will acquire substantially all of JCPenney’s retail and operating assets (OpCo) through a combination of cash and new term loan debt.
“Our goal from the beginning of this process has been to ensure JCPenney will continue to serve customers for decades to come and this court approval accomplishes that objective,” said Jill Soltau, CEO of JCPenney. “With the 2020 holiday season in full swing, we are excited to operate under the new ownership of Brookfield and Simon outside of Chapter 11 and under the JCPenney banner. We appreciate the efforts of the court and the support of our creditors in this process and putting us in a strong position to build on JCPenney’s long track record of tak
