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    JCPNQ   US6795351047

OLD COPPER COMPANY

(JCPNQ)
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Landlords Strike Deal to Acquire Bankrupt J.C. Penney

09/09/2020 | 02:54pm EDT

By Suzanne Kapner, Alexander Gladstone and Miriam Gottfried

Mall owners Simon Property Group Inc. and Brookfield Property Partners LP are poised to acquire J.C. Penney Co. out of bankruptcy in a deal valued at roughly $800 million that will keep the beleaguered department-store chain alive amid the coronavirus pandemic, according to people familiar with the situation.

Simon and Brookfield, J.C. Penney's landlords, have reached an agreement in principle to buy the chain, which filed for chapter 11 in May after the pandemic shut down nonessential shopping across the country.

The landlords will own about 490 of the retailer's remaining 650 stores, one of the people said. A group of lenders will own 160 locations plus the company's distribution centers in return for forgiving some of Penney's $5 billion in debt. The landlords will pay the lenders rent on those 160 stores and distribution centers, the person said.

Simon, the biggest U.S. mall owner, and Brookfield are paying roughly $300 million in cash and assuming $500 million in debt, the person said.

The Wall Street Journal reported in August that Simon and Brookfield were the leading contenders to acquire Penney in a bankruptcy auction.

Write to Suzanne Kapner at Suzanne.Kapner@wsj.com, Alexander Gladstone at alexander.gladstone@wsj.com and Miriam Gottfried at Miriam.Gottfried@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD PROPERTY PARTNERS L.P. -0.38% 18.55 Delayed Quote.28.20%
OLD COPPER COMPANY -1.31% 0.121 Delayed Quote.-17.97%
SIMON PROPERTY GROUP, INC -0.23% 134.23 Delayed Quote.57.40%
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Financials (USD)
Sales 2020 11 167 M - -
Net income 2020 -268 M - -
Net Debt 2020 4 569 M - -
P/E ratio 2020 -0,89x
Yield 2020 -
Capitalization 39,1 M 39,1 M -
EV / Sales 2019 0,34x
EV / Sales 2020 0,43x
Nbr of Employees 90 000
Free-Float -
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Managers and Directors
NameTitle
Stanley Shashoua Chief Executive Officer
Steven Panagos Secretary
Leslie Lacy Senior Director-Visual Merchandising & Graphics
Alan Carr Chief Restructuring Officer & Vice President
Soy Thomas Director-Construction Services