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Sunday, January 24, 2021

CBL Files for Bankruptcy Protection

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.

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