Maximize your media exposure with our single PR package
Brookfield Property, Simon Property to acquire JCPenney
11 Sep 20 1 min read
J.C. Penney Company recently announced that it has reached an agreement in principle to sell JCPenney through a court-supervised sale process. The Brookfield Property Group and the Simon Property Group intend to acquire substantially all of JCPenney’s retail and operating assets for $1.75 billion, which includes a combination of cash and new term loan debt.
The US department store chain plans to seek approval of a disclosure statement and, ultimately, confirmation of a plan of reorganisation in parallel with the sale process.
The agreement contemplates the formation of a separate real estate investment trust and a property holding company, which will include 161 of its real estate assets and all of its owned distribution centres, it said in a statement.
The property holding company will be owned by J.C. Penny’s ad hoc group of first lien lenders.
The US department store chain plans to seek approval of a disclosure statement and, ultimately, confirmation of a plan of reorganisation in parallel with the sale process.
Advertisement
The agreement contemplates the formation of a separate real estate investment trust and a property holding company, which will include 161 of its real estate assets and all of its owned distribution centres, it said in a statement.
The property holding company will be owned by J.C. Penny’s ad hoc group of first lien lenders.
Fibre2Fashion News Desk (DS)
Popular News
|
|
Global sports company Puma & Scuderia Ferrari launch new collection |
|
|
US cotton exports jump 79% week-on-week: USDA |
|
|
Chinese spandex hits new low in April, sheds 65% of 2021’s peak value |
|
|
Chinese firm to set up $27.8 mn sock manufacturing plant in Bangladesh |
|
|
South Indian cotton yarn market bearish; steep fall in Mumbai |
|
|
The LYCRA Company launches FashionFarmers media campaign on Earth Day |
