Overview
- The Copper Property CTL Pass Through Trust disclosed in a Dec. 22 filing that its previously announced sale to Onyx Partners did not close.
- Under the notice, Onyx has until Dec. 26 to complete the transaction or the agreement will terminate.
- In July, Onyx agreed to acquire 119 JCPenney locations for $947 million after the buyer completed due diligence and posted a nonrefundable deposit.
- The closing, first targeted for September, was postponed several times with the latest expected date of Dec. 22 passing without completion.
- The trust was created in JCPenney’s 2020 bankruptcy to manage roughly 160 properties, plans to distribute an estimated $928 million to $932 million to creditors if the deal closes, and has not explained the delay or potential impacts on stores.