JCPenney expects to exit Chapter 11 bankruptcy ahead of the holiday season

J. C. Penney Company, Inc. has entered into an asset purchase agreement (APA) with Brookfield Asset Management, Inc, Simon Property Group and a majority of the company’s DIP and First Lien Lenders. The company said in a statement that Brookfield and Simon will acquire substantially all of JCPenney’s retail and operating assets through a combination of cash and new term loan debt.