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Article Date: September 2020
Word Count: 205

JCPenney Makes Deal with Mall Owners


After months of on-again, off-again negotiations with several interested buyers, the bankrupt retailer has reached an agreement with mall owners Simon Property Group and Brookfield Property Group to buy it out of bankruptcy for $1.75 billion of cash and new term loan debt. That price includes all of JCPenney’s retail and operating assets, but excludes 161 of the Company’s real estate assets and all of its owned distribution centers, which will be bundled into a REIT owned by JCP’s pre-petition first lien lenders. The deal will still need to be approved by the court, after the formality of an auction ... Log in to view full article.

 


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