Two Major Mall Operators File for Chapter 11 Bankruptcy

Two major mall operators filed for Chapter 11 bankruptcy protection on Nov. 2, 2020. CBL & Associates Properties and Pennsylvania Real Estate Investment Trust have approximately 127 properties combined. Both companies plan to keep malls open throughout bankruptcy proceedings.

Tennessee-based CBL operates 107 properties across 26 states. The company filed for Chapter 11 in a move to refinance its debts and strengthen its balance sheet. CBL is pursuing a restructuring support agreement with a group of bondholders.

“After months of discussions and consideration of a number of alternatives, CBL’s management and the board of directors firmly believe that implementing the comprehensive restructuring as outlined in the RSA through a Chapter 11 voluntary bankruptcy filing will provide C...

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