Paul, Weiss is advising Brookfield Asset Management, Inc and Simon Property Group in their agreement to purchase certain assets of J. C. Penney Company, Inc. out of bankruptcy. The iconic retail chain filed a voluntary petition for reorganization under Chapter 11 in May 2020. If approved by the U.S. Bankruptcy Court, the deal would preserve the chain as a going concern. Under the terms of the proposed asset purchase agreement, Brookfield, Simon and a majority of J.C. Penney's DIP and first lien lenders would together acquire substantially all of J. C. Penney's retail and operating assets through a combination of cash and new term loan debt.