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Date: --/--/-- --:--:--
Event Id: 4B0T6HPN
Action Status: ANNOUNCED
Acquirer Symbol:
Target Symbol: JCP-MM
Updated: --/--/-- --:--:--
Purchase Price Per Share:
Price Per Share Currency:
News References: https://www.businesswire.com/news/home/20200909006116/en/

Action Notes

J.C. Penney Company has reached an agreement in principle to sell JCPenney through a court-supervised sale process, in which Brookfield Property Group (Brookfield) and Simon Property Group (Simon) intend to acquire substantially all of the JCPenney retail and operating assets (OpCo) for $1.75 billion, which includes a combination of cash and new term loan debt. Upon the execution of the asset purchae agreement (APA), the agreement will be binding on Brookfield, Simon, and the First Lien Lenders. It is anticipated that the Company will complete the auction and emerge from the Court-supervised process operating under the JCPenney banner in advance of the 2020 holiday season.