OTTAWA (dpa-AFX) - J. C. Penney Company Inc. (JCPNQ.PK)said that the U.S. Bankruptcy Court for the Southern District of Texas has approved asset purchase agreement with Brookfield Asset Management Inc., Simon Property Group and the Company's DIP and First Lien Lenders.
As per the asset purchase agreement, Brookfield and Simon will acquire substantially all of JCPenney's retail and operating assets through a combination of cash and new term loan debt.
The transaction is expected to close in late November 2020.
J.C. Penney filed for Chapter 11 bankruptcy protection in May citing the impact of unprecedented coronavirus or COVID-19 pandemic on its business.
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