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SPG - J. C. Penney Assets Are Being Bought But Not The Actual Company
Simon Property Group Inc.
At a fifteen-minute status conference on September 9, Joshua Sussberg, a lawyer representing J. C. Penney (JCPNQ), announced to the court that various parties had executed a non-binding letter of intent for the purchase of operating assets by a group led by Simon Property Group (SPG) and Brookfield Property Partners (BPY). This would be a section 363 sale of assets. It is not a purchase of the J. C. Penney Company - only the assets. JCPNQ shareholders would not be paid for the purchase.