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Mall Owner Washington Prime Files For Chapter 11 Bankruptcy

by All News Admin
June 14, 2021
in Finance
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(Bloomberg) — Washington Prime Group Inc., an actual property funding belief that operates enclosed malls and strip facilities throughout the U.S., filed for chapter after the Covid-19 pandemic curtailed in-person buying.

The Chapter 11 submitting in Houston will enable Washington Prime to proceed working whereas it seeks to implement a restructuring settlement that it reached with sure collectors, in line with a board decision filed with the chapter petition. The corporate, which estimated its belongings at about $4 billion and debt of just about $3.5 billion, secured an as much as $100 million debtor-in-possession mortgage that will assist fund operations throughout court docket proceedings.

The Columbus, Ohio-based agency that operates round 100 malls, noticed its bonds tumble into distressed territory in 2020 as hire collections dried up and tenants filed for chapter or went out of enterprise. It started negotiating with its collectors final yr and skipped a $23 million bond curiosity fee in February. Collectors had been extending a forbearance settlement amid the talks.

Washington Prime stated it filed the Chapter 11 after executing a restructuring help settlement with collectors that maintain about 73% of the principal excellent of secured company debt and 67% of the unsecured notes. The agency goals to deleverage its steadiness sheet by almost $950 million, in line with an organization assertion.

Bloomberg Information beforehand reported that Washington Prime was weighing a chapter submitting as talks faltered.

The case is Washington Prime Group Inc., 21-31948, U.S. Chapter Court docket for the Southern District of Texas (Houston).

(Provides particulars on restructuring settlement in fourth paragraph.)

Extra tales like this can be found on bloomberg.com

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©2021 Bloomberg L.P.



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