The Washington Prime Group has been given another extension to continue negotiating with its lenders.
According to a filing Monday with the federal Securities and Exchange Commission, forebearing lenders and noteholders agreed to extend the forebearance period May 5 to May 12 as the sides try to come to an agreement to rework Washington Prime Group’s capital structure. It is the fourth time the forebearance agreement has been extended since Washington Prime Group missed a $23 million interest payment in February.
Company officials have said a Chapter 11 bankruptcy proceeding may be necessary.
“The company is continuing to engage in negotiations and discussions to restructure its capital structure,” Washington Prime Group officials stated in the company’s fourth quarter earnings statement. “The uncertainty associated with the company’s ability to meet these obligations as they become due raises substantial doubt about the company’s ability to continue as a going concern as defined by generally accepted accounting principles.”