Good news
JCPenney JCP -11.9% finally has signed an asset purchase agreement with Simon Property Group SPG +0.6% and Brookfield Asset Management. The company also signed agreements with a majority of the company’s DIP (Debtor-in-Possession) lenders and First Lien Lenders. That is good news, since it will enable the company to move ahead and plan exit from the chapter XI bankruptcy proceedings. Judge David Jones proved to be a very patient but persistent judge to preside over a drawn-out process and now finally see the light at the end of a very long tunnel. It looks like JCPenney has avoided liquidation and the majority of jobs have been saved.
