(Bloomberg) — J.C. Penney Co.’s lenders have agreed to team up with mall landlords Simon Property Group Inc. and Brookfield Property Partners to buy the bankrupt chain of department stores.The tentative rescue deal, which would preserve about 70,000 jobs, includes a $300 million equity investment by the landlords, a lawyer for J.C. Penney said at a Wednesday bankruptcy hearing in Texas.The Wall Street Journal reported earlier that the deal is valued at about $800 million, with the mall owners taking about 490 of the chain’s 650 stores. Lenders would swap some of their debt for control of another 160 locations …read more
Source:: Yahoo Finance
