Jcpenney Asset Purchase Agreement

JCPenney announced today that it has entered into an asset acquisition agreement with Brookfield, Simon and First Lien Lenders. PLANO, Texas — J.C. Penney Company, Inc. (OTCMKTS: JCPNQ) announced today that it has entered into a sales agreement (“APA”) with Brookfield Asset Management, Inc( (“Brookfield”), Simon Property Group (“Simon”) and a majority of the company`s DIP and First Lien Lenders (“Majority First Link Lenders”). Under the agreement, Brookfield and Simon, the retailer`s two main owners, will essentially purchase all of J.C Penney`s retail and operating assets through a combination of cash and new credit debt. PLANO, Texas– (BUSINESS WIRE) -J.C Penney Company, Inc. (OTCMKTS: JCPNQ) announced today that the U.S. Bankruptcy Court for the Southern District of Texas (“Tribunal”) has approved the previously announced asset purchase agreement (APA) with Brookfield Asset Management, Inc. (“Brookfield”), the “Simon Group Property” (“Simon”) and the DIP and First Link Lenders (“First Link Lenders” , supported by Unsecured`s Credit Committee. According to the APA, Brookfield and Simon acquire essentially all of JCPenney`s private and operating assets (“OpCo”) through a combination of cash and new long-term credit debt. As previously announced, JCPenney has entered into a restructuring agreement with lenders on its first mortgage debts to reduce the company`s outstanding debt and strengthen its financial position.

In order to implement the financial restructuring plan, the company submitted voluntary reorganization requests under Chapter 11 of the U.S. Bankruptcy Act. 5. Final agreements between the owners of Opco and Propco are expected to be concluded in the coming days and a judicial confirmation hearing is scheduled for November 24. After completion, the OpCo transaction is subject to court approval and other closing conditions. A court hearing on the approval of the transaction is scheduled for early November 2020. If judicial authorization is available and the APA`s closing conditions are met, the sale of OpCo should be completed before the December 2020 holiday season. JCPenney`s assets will do business with Simon and Brookfield as owners outside of the Chapter 11 trial under the JCPenney banner. Link`s first lenders are expected to acquire ownership of PropCos through the company`s turnaround plan, which will be finalized following the OpCo transaction. (Reuters) – J.C. Penney Co Inc said on Wednesday it had entered into an asset purchase agreement with Brookfield Asset Management Inc, Simon Property Group and a majority of the company`s leading pawnbrokers. Earlier this week, Brookfield Properties, Simon Property Group and First Lien Lenders obtained judicial approval for an asset purchase agreement with JCPenney.

It seems to me that this long bankruptcy process will finally come to an end and that the new condominium will start operating this month. (November 2020) “The signing of an APA (Asset Purchase Agreement) with Brookfield, Simon and our Majority First Link Lenders allows us to move forward on the path to the end of our financial restructuring,” Penney.C said in a statement. J.C. Penney Company, Inc. (OTCMKTS: JCPNQ) announced today that it has submitted a proposed asset purchase (“APA”) that follows the terms of the memorandum of understanding previously announced for the sale of JCPenney. All parties are working to conclude the negotiations and intend to use the ongoing mediation process to achieve this goal.

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