US shopping mall operator CBL & Associates Properties voluntarily filed for Chapter 11 bankruptcy protection on Monday morning, becoming the latest mall operator in the country that seeks to restructure its operations as the COVID-19 epidemic caused prolonged closures.
US shopping mall operator., CBL & Associates Properties, voluntarily filed for Chapter 11 bankruptcy protection on Monday morning, becoming the latest mall operator in the country that seeks to restructure its operations as the COVID-19 epidemic caused prolonged closures.
The bankruptcy process will give the company a chance to continue operating while reorganizing its finances and business.
In a filing on the US Bankruptcy court for the Southern District of Texas, the company listed estimated assets of between $1 billion and $10 billion, and liabilities of between $1 billion and $10 billion.
In August, the shopping mall operator announced it had entered into a restructuring support agreement with a group of bondholders to allow it to strengthen its balance sheet and organization.
The company’s filing follows that of Pennsylvania Real Estate Investment Trust earlier on Sunday, which filed a chapter 11 petition to execute a prepackaged financial restructuring plan.
