JCPenney Wins Court Approval for Bankruptcy Exit
U.S. Bankruptcy Court for the Southern District of Texas approved the two-pronged sale proposal to move J.C. Penney out of bankruptcy Monday. The sale is in line with the plan laid out in Sep., as mall operators Simon Property Group and Brookfield Property Partners will acquire the company’s operations for $1.75 billion in cash and debt. Majority lenders, led by H/2 Capital Partners, will receive JCP real estate under two REITS – covering 160 properties and six owned DCs – in exchange for $1 billion in debt forgiveness. A master lease agreement between the two new owners is expected to ... Log in to view full article.