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Washington Prime Investors Seek to Slow Mall-Owner’s Bankruptcy

  • Covid-19 recovery is muddying valuation for mall landlord
  • Equity committee concerned about quick sale to SVPGlobal
     
Photographer: Dustin Chambers/Bloomberg

Official advisers to Washington Prime Group Inc. stockholders, skeptical of the company’s proposed sale to SVPGlobal, are trying to slow down the mall landlord’s bankruptcy.

A government-appointed group of Washington Prime stockholders has asked Judge Marvin Isgur to extend key deadlines in the insolvency proceedings by more than a month, arguing in court papers that the group’s advisers don’t have enough time to evaluate the real estate investment trust’s Chapter 11 exit plan. Washington Prime may be worth more than the plan implies, but more time is needed to figure that out, the group says.