A new twist in the bankruptcy proceedings before Judge Jones took place on Wednesday just as he scheduled certain actions of the Simon Property Group and Brookfield Property Partners bid that could bring JCPenney out bankruptcy in December 2020.
A December resolution of all of this would be 7 months after JCPenney went into bankruptcy on May 15, 2020. The company has a $900 Million ‘debtor in possession’ financing facility and a first-lien debt of about $1.6 Billion. This DIP debt is held 94% by H/2 Capital Partners; they also hold 75% of the first lien debt.
However, Aurelius Capital, who holds