Landlords Swoop In For $1.75B JC Penney Rescue Deal

Law360 (September 9, 2020, 3:36 PM EDT) -- Mall owners Simon Property Group and Brookfield Property Partners cemented an offer Wednesday to purchase the retail operations of J.C. Penney in a $1.75 billion deal that would see existing secured lenders take ownership of about a quarter of its 650 go-forward store locations and its distribution centers.

During a virtual status hearing, debtor attorney Joshua A. Sussberg of Kirkland & Ellis LLP extended his monthslong football analogy, describing the progress of a plan that would allow the company to survive as close to a touchdown.

"It's fitting that we stand here today on the eve of the NFL season commencing...

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