CNBC: Mall owners Simon, Brookfield set to rescue JC Penney from bankruptcy in $800m deal

CNBC reports:

U.S. mall owners Simon Property Group and Brookfield Property Partners are close to finalizing an $800 million deal to rescue the embattled department store chain J.C. Penney from bankruptcy, avoiding a total liquidation and saving about 70,000 jobs and 650 stores, Joshua Sussberg of the law firm Kirkland & Ellis said Wednesday. 

Simon and Brookfield will pay roughly $300 million in cash and assume $500 million in debt, Sussberg said during a court hearing. 

Meantime, the hedge funds and private equity firms that have financed Penney’s ...