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Town Center owner files for bankruptcy
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Ohio-based mall owner files for bankruptcy - Portsmouth Daily Times
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By Bill Galluccio
Photo: Getty Images
While many of the coronavirus-related emergency measures have been lifted across the country, shopping malls are still struggling despite the increased demand and foot traffic. Washington Prime Group, one of the nation s largest mall owners, filed for chapter 11 bankruptcy, citing the temporary closures and reduction in rent payments from tenants.
Washington Prime Group owns over 100 shopping malls across the United States but has amassed nearly $1 billion in debt.
The company said that it has secured $100 million in new funding that will allow it to operate without interruption during the bankruptcy proceedings. The company s financial restructuring will enable Washington Prime to right-size its balance sheet and position the company for success going forward, said CEO
Lima Mall owner files for bankruptcy protection
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(Northwoods Mall Facebook)
COLUMBUS, Ohio Washington Prime Group (WPG), the parent company of Northwoods Mall and more than 200 locations across the United States, Monday filed for Chapter 11 bankruptcy.
According to a release, the company is using bankruptcy “to implement a comprehensive and consensual financial restructuring.”
This comes after the company executed a restructuring support agreement with creditors that hold approximately 73% of the principal amount outstanding of the company’s secured corporate debt.
“The company’s financial restructuring will enable WPG to right size its balance sheet and position the company for success going forward,” said WPG CEO and Director Lou Conforti. “During the financial restructuring, we will continue to work toward maximizing the value of our assets and our operating infrastructure.”