logo
Plus   Neg
Share
Email

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
Mediterranean Food Inc is recalling its "Alqosh Sesame Oil" citing the potential to be contaminated with Salmonella, the U.S. Food and Drug Administration said. The affected Alqosh Sesame Oil "Tahin" comes in a 2Lb, clear plastic jar marked with lot # 16082020 on the side of the jar and with a Production date of 08/16/2020 stamped on the side. Twitter has filed a lawsuit against Texas Attorney General Ken Paxton, seeking to halt his ongoing investigation into the company's content moderation practices. Paxton, a Republican and supporter of former president Donald Trump, on January 13 had sent a civil investigative demand or CID to Twitter after its decision to permanently suspend Trump from the social media platform... The U.S. Food and Drug Administration granted emergency use authorization (EUA) for the first and only clinical T cell-based test for patients to detect the unique T-cell signature specific to SARS-CoV-2, the virus that causes COVID-19. The test confirms recent or prior COVID-19 infection. Developed by Adaptive Biotechnologies, T-Detect COVID Test is a next generation sequencing based (NGS) test.
RELATED NEWS
Follow RTT