logo
  

JCPenney Gets Court Approval For Asset Purchase Agreement With Brookfield And Others

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Pittsburgh, Pennsylvania -based Thorley Industries, LLC, d.b.a. 4Moms is recalling more than 2 million MamaRoo swings and RockaRoo rockers citing entanglement and strangulation risks, the U.S. Consumer Product Safety Commission said. The recall was initiated after 4moms received two reports of entanglement incidents, including one death. Retail giant Walmart is partnering with media major Paramount Global to offer Paramount+ Essential subscription to Walmart+ members at no extra cost. Starting in September, Walmart+ members will be able to stream premium entertainment as part of their membership with Paramount+, a direct-to-consumer digital subscription video on-demand and live streaming service. Fifth Season is recalling a limited amount of its branded Crunchy Sesame Salad Kits due to undeclared milk and egg, known allergens, the U.S. Food and Drug Administration said. The recall involves Fifth Season branded Crunchy Sesame Salad Kit with UPC Code: 52070008147 and Best By Date of 16-AUG-2022 and 15-AUG-2022.
Follow RTT