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U.S. mall owners Simon Property Group (SPG -1.7%) and Brookfield Property Partners (BPY +0.4%) are close to wrapping up an $800M deal to rescue J.C. Penney (OTCPK:JCPNQ +81.2%) from bankruptcy, Joshua Sussberg, a lawyer with Kirkland & Ellis, said at a court hearing this afternoon.
JCPNQ surges 76% in late afternoon trading.
Simon and Brookfield will pay ~$300M in cash and assume ~$500M in debt, CNBC reports, citing Sussberg.
Source: Seeking Alpha
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OmniTalk Monthly Intelligence Report | Jan 2021
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