JCPenney paid off its $506 million term loan and completed a refinancing of its asset-based loan and first in, last out facilities. Wells Fargo and PNC led the refinanced ABL facility, which totals $.175 billion, while Pathlight Capital led the FILO facility, which totals $340 million.
Wells Fargo provided an ABL facility and Pathlight Capital provided a FILO facility for a total of $1.5 billion in financing for JCPenney after the company sold its retail and operating assets to Simon Property Group and Brookfield Asset Management to exit Chapter 11.
A U.S. Bankruptcy Court approved JCPenney’s asset purchase agreement with Brookfield Asset Management, Simon Property Group and the company’s DIP and first lien lenders.
JCPenney entered into an asset purchase agreement with Brookfield Asset Management, Simon Property Group and a majority of the company’s DIP and first lien lenders.
J.C. Penney Company filed a draft asset purchase agreement, which tracks the terms of the previously announced letter of intent, to sell JCPenney. All parties are working to conclude negotiations and intend to utilize the ongoing mediation process to achieve that goal.
Gordon Brothers, Hilco Merchant Resources, Great American Group and Tiger Group commenced store closing sales at 137 J. C. Penney stores across the United States.
The U.S. Bankruptcy Court for the Southern District of Texas authorized JCPenney to access its debtor-in-possession financing, which includes $450 million of new money from its existing first lien lenders.
JCPenney entered into a restructuring support agreement with lenders holding approximately 70% of its first lien debt to reduce the company’s outstanding indebtedness and strengthen its financial position.
GE Capital Retail Bank announced a long-term extension of its private label and dual card credit program with JCPenney. The credit card program is managed by GE Capital’s Retail Financial business.