JCPenney CEO Jill Soltau said Tuesday that the company has moved one step closer to exiting the Chapter 11 bankruptcy process ahead of the holiday season.
According to a press release, the retailer has now filed a draft asset purchase agreement, which brings the department store chain one step closer to a sale with mall owners Brookfield Asset Management and Simon Property Group.
Brookfield and Simon will acquire all of JCPenney’s retail and operating assets through an $800 million deal comprised of $300 million in cash and $500 million in new term loan debt. Meanwhile, a group of First Lien Lenders will own 160 of the company’s real estate assets and distribution centers as part of a separate property holding company.
Source: Fox Business
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