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J.C. Penney entered into an asset purchase agreement

October 29, 2020
Recently we wrote that J.C. Penney was planning to emerge the restructuring process under Chapter 11 before the Christmas holidays. Yesterday, the company entered into an asset purchase agreement with Brookfield Asset Management, Inc, Simon Property Group, and a majority of the Company’s DIP and First Lien Lenders.

Key terms:
  • Brookfield and Simon will acquire substantially all of the company’s retail and operating assets (“OpCo”), using a combination of cash and new term loan debt.
  • Separate property holding companies, including 160 of JCPenney’s real estate assets and all of its owned distribution centers (“PropCos”), will be formed. It will be owned by the company’s DIP and First Lien Lenders.
  • The OpCo and PropCos will be in master leases concerning the properties, and distribution centers moved into the PropCos (the “Master Lease Agreement”). J.C. Penney, Simon and Brookfield, and the Majority Lender Group have an agreement on all outstanding business points in the Master Lease Agreement.

Jill Soltau, chief executive officer of JCPenney: “Signing a definitive APA with Brookfield, Simon and our Majority First Lien Lenders allows us to move forward towards the completion of our financial restructuring – and we are looking forward to operating under new ownership outside Chapter 11 in advance of the 2020 holiday season.”
  • Full name
    J.C. Penney Corporation, Inc.
  • Registration country
  • Industry
    Trade and retail