JCPenney sale moves forward, exit from Chapter 11 expected before December

The sale of J.C. Penney Co. Inc. is getting closer to the finish line, the company announced. JCPenney has filed a draft asset purchase agreement (APA), which tracks the terms of its previously announced letter of intent to sell the company to mall operators Simon Property Group and Brookfield Property Partners. Key terms of the APA include the following: Simon and Brookfield will acquire substantially all of JCPenney’s retail and operating assets (OpCo) through a combination of cash and new…

The sale of J.C. Penney Co. Inc. is getting closer to the finish line, the company announced. JCPenney has filed a draft asset purchase agreement (APA), which tracks the terms of its previously announced letter of intent to sell the company to mall operators Simon Property Group and Brookfield Property Partners. Key terms of the APA include the following: Simon and Brookfield will acquire substantially all of JCPenney’s retail and operating assets (OpCo) through a combination of cash and new…

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