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.
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.”
Company — J.C. Penney Corporation
Full nameJ.C. Penney Corporation, Inc.
IndustryTrade and retail