Press Release

Kirkland Advises JCPenney on Exit from Chapter 11

Kirkland & Ellis advised JCPenney on the completion of its previously announced sale, under which Simon Property Group (“Simon”) and Brookfield Asset Management, Inc. (“Brookfield”) have acquired substantially all of JCPenney’s retail and operating assets (“OpCo”). JCPenney’s asset purchase agreement (“APA”) with Simon, Brookfield and the Company’s DIP and First Lien Lenders (“First Lien Lenders”), supported by the Unsecured Creditors Committee, had previously been approved by the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”) on November 9, 2020.

Read the JCPenney press release

The Kirkland team was led by restructuring partner Joshua Sussberg.