GLAS Trust Company LLC Appointed as Trustee in Connection with J. C. Penney “PropCo”: Copper Property CTL Pass Through Trust

March 2021, New York

GLAS Trust Company LLC was appointed as Trustee for the Pass Through Trust in connection with the court-approved sale of the operating business. The Trust was formed for the sole purpose of collecting, holding, administering, distributing and monetizing the Properties for the benefit of Certificateholders, as stated in the Form 10 filed with the U.S. Securities and Exchange Commission.

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

Previously, GLAS Trust Company LLC was appointed as Trustee for the Earnout Trust created in connection with the court-approved sale of the operating business, GLAS USA LLC and GLAS Americas LLC were appointed as Administrative Agent and Collateral Agent, respectively, on the $500 million Exit Facility and the $900 million DIP Facility, and GLAS USA LLC was appointed as Successor Administrative Agent on the $1.130 million Term Loan B Facility.

GLAS Trust Company LLC was represented by Arnold & Porter.

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

View Copper Property CTL Pass Through Trust’s press release here.

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