The U.S. Bankruptcy Court for the Southern District of Texas approved the deal, which will allow the 118-year-old retailer to emerge from bankruptcy before the upcoming holiday season, the company said in a statement. Lenders led by H/2 Capital Partners will forgive $1 billion in debt in exchange for 160 properties and six distribution centers. Mall operators Simon Property Group and Brookfield Property Partners will acquire the company's slimmed-down retail operations for $1.75 billion in cash and debt.
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