Mall Owner CBL Properties Expects to File for Bankruptcy
- Shopping centers have been hit by chain-store failures
- CBL refinanced debt in 2019 to try to survive store closings
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Mall owner CBL Properties is planning to file for bankruptcy, a victim of dwindling foot traffic, shuttered retail space and rents too low to cover more than $3 billion in debt.
The company said in a statement Wednesday it reached an agreement with some of its creditors to hand control to holders of its unsecured notes. The company said it will keep negotiating with senior lenders and others who haven’t signed onto the deal. As currently envisioned, the “in-court process” would eliminate $900 million of debt.