U.S. judge approves rescue deal for retailer J.C. Penney: Reuters

A U.S. judge has approved a deal to rescue retailer J.C. Penney from bankruptcy proceedings precipitated by the health crisis, averting a liquidation, reported Reuters.

A U.S. judge has approved a deal to rescue retailer J.C. Penney from bankruptcy proceedings precipitated by the health crisis, averting a liquidation, reported Reuters. The deal will see lenders led by H/2 Capital Partners forgive US$1 billion in debt in exchange for 160 properties and six distribution centers. Simon Property Group and Brookfield Property Partners will also acquire the company’s slimmed-down retail operations for US$1.75 billion in cash and debt.

Source: Reuters