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Clay Terrace in Carmel is owned by Washington Prime Group. (photo courtesy of Clay Terrace)
by: Alex Brown, Inside INdiana Business
Posted:
Mar 8, 2021 / 11:35 AM EST
COLUMBUS, Ohio (Inside INdiana Business) The owner of several Indiana shopping centers, including Clay Terrace in Carmel and Muncie Mall, is reportedly preparing to file for bankruptcy. Bloomberg reports Ohio-based Washington Prime Group (NYSE: WPG) is looking to avoid a default after skipping an interest payment on its debt.
Bloomberg cites sources who say the real estate investment trust’s negotiations with lenders are faltering, though plans to file for Chapter 11 bankruptcy protection are not finalized. Washington Prime has stated in the past the pandemic could affect its ability to meet the requirements of its agreement with lenders.