Simon Property Group and Brookfield Are Leading Bidders to Buy Bankrupt J.C. Penney
Mall operators Simon Property Group (NYSE: SPG) and Brookfield Property Partners (NASDAQ: BPY) joined forces to present a bid to buy J.C. Penney (OTC: JCPN.Q) out of bankruptcy, and theirs has reportedly emerged as the leading offer.
While private equity firm Sycamore Partners was offering a somewhat higher amount, Simon and Brookfield are jointly willing to offer concessions on the department store's leases that have led the company and its lenders to view their bid as a better option.
Image source: J.C. Penney.
Source Fool.com
