The J.C. Penney DEAL INVOLVES SEVERAL PARTS, including:
• A $300 million investment by Simon and Brookfield, which are collectively expected to own most of the stores.
[2:07 PM]
• The assumption of $500 million in J.C. Penney debt by Simon and Brookfield.
• The establishment of a trust holding an undisclosed but minority number of J.C. Penney stores owned by first-lien lenders, which will rent the locations to the operating company owned by Simon and Brookfield.
• A $2 billion secured financing package from Wells Fargo.
When the deal is done, J.C. Penney will have about $1 billion in cash to continue operations, Sussberg said.
"It’s been an effort around the clock," he said. "We are in a position to move this into the end zone
