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.
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