J.C. Penney was in court Tuesday for a confirmation hearing with the goal of exiting bankruptcy proceedings. The sale of the company is expected to close on Wednesday, allowing the new
owners—its majority group of first-lien lenders for its real estate assets and Simon Property Group and Brookfield Capital Partners for the operating component of the business—to take
control before Black Friday. Parties are adamant about not letting the 118-year-old company fall into liquidation mode.
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