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BRIEF-JCPenney Signs Asset Purchase Agreement With Brookfield, Simon And First Lien Lenders

Published 2020-10-28, 08:31 p/m
Updated 2020-10-28, 08:36 p/m
© Reuters.

Oct 28 (Reuters) - J C Penney Company Inc JCPNQ.PK :

* JCPENNEY SIGNS ASSET PURCHASE AGREEMENT WITH BROOKFIELD, SIMON AND FIRST LIEN LENDERS, CHARTING COURSE FOR THE FUTURE

* EXPECTS TO OPERATE OUTSIDE CHAPTER 11 IN ADVANCE OF 2020 HOLIDAY SEASON

* J C PENNEY-TERMS OF APA ARE BROOKFIELD, SIMON TO ACQUIRE SUBSTANTIALLY ALL OF COS RETAIL, OPERATING ASSETS VIA COMBINATION OF CASH, NEW TERM LOAN DEBT

* TERMS INCLUDE FORMATION OF SEPARATE PROPERTY HOLDING COMPANIES

* J C PENNEY - APA TERMS INCLUDE OPCO AND PROPCOS WILL ENTER INTO MASTER LEASES WITH RESPECT TO PROPERTIES AND DISTRIBUTION CENTERS MOVED INTO PROPCOS

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