December 10, 2020

GLAS Trust Company LLC Appointed as Trustee in Connection with J. C. Penney Bankruptcy Sale

December 10, 2020, New York

American department store chain J. C. Penney announced on December 7, 2020 that it had closed on the sale of its operating business.

GLAS Trust Company LLC has been appointed as Trustee for the Earnout Trust created in connection with the sale. Additionally, GLAS USA LLC and GLAS Americas LLC have been appointed as Administrative Agent and Collateral Agent on the $500 million Exit Facility.

J. C. Penney announced on May 15, 2020 that it was filing for Chapter 11 bankruptcy protection.

For more information, please contact media@glas.agency.

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GLAS is a pioneer in the non-bank loan agency, structured finance & corporate trustee market place. As an independent and conflict free service provider, we are focused on providing streamlined solutions to complex transactions with the ability to work on deals which may be in distress, pre or post-restructuring or unusual in nature.