JCPenney gets Bankruptcy Court go-ahead for a sale

PLANO, Texas— JCPenney received U.S. Bankruptcy Court approval for its acquisition by landlords and lenders in a deal valued at $1.75 billion.

Under the deal, landlords Simon Property Group and Brookfield Asset Management will acquire substantially all of JCPenney’s retail and operating assets through a combination of cash and new term loan debt. According to a report by Law360, Simon and Brookfield would pay $750,000 for the assets, while a group of lenders holding the majority of its debtor-in-possession and first-lien claims would retain ownership of its real estate assets.

“Our goal from the beginning of this process has been to ensure JCPenney will continue to serve customers for decades to come and this Court approval accomplishes that objective,” JCPenney CEO Jill Soltau said in a release.

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“As we work to close the OpCo transaction, we remain focused on implementing our plan for renewal to offer compelling merchandise, drive traffic, deliver an engaging experience, fuel growth and build a results-minded culture.”

The transaction, subject to closing conditions, is expected to close later this month.

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