The company's focus has been regional malls, those that … CBL operates 110 shopping malls in the United States. CBL's current portfolio includes 108 properties in 26 states. But the cities of Burnsville and Maplewood have adopted vision plans for the areas around those malls … The company is negotiating with its lenders in an effort to enter Chapter 11 with a consensual restructuring agreement in place. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.The company has been negotiating with its lenders in an effort to enter Chapter 11 with a consensual restructuring agreement in place, said the people, who asked not to be identified discussing confidential matters. The plans aren’t final, and elements could change, the people said. CBL operates more than 100 properties across 26 states, most of which are so-called Class B malls, and has been hurt in part by the closures of retailers including Forever 21. Mall owner CBL & Associates Properties is preparing to file for bankruptcy according to people with knowledge of the plans.
CBL declined to comment.Shares of CBL plunged 11% after Bloomberg reported the bankruptcy preparations, and dropped an additional 18% as of 4:40 p.m. in late New York trading.CBL bonds maturing in 2023 last traded around 25 cents on the dollar, according to data compiled by Bloomberg. "The lease says you have to pay it, and the loan says you have to pay it, but if you pay it you're going to go out of business.
CBL said "there can be no assurance" that it will be able "to reach any agreement with respect to its indebtedness." "Get retail news like this in your inbox daily. Many of Washington Prime's properties are similar to those of CBL, but on the whole its malls have slightly higher sales productivity, with sales per square foot of $423 for its Tier One malls.
A dispute has been settled between four malls owned by Chattanooga-based CBL Properties and well-known local businessman Emerson Russell that had spilled over into bankruptcy court. CBL & Associates Properties Inc., the owner of more than 100 shopping malls across the U.S., is preparing to file for bankruptcy, according to people with knowledge of the plans. CBL & Associates Properties Inc., the owner of more than 100 shopping malls across the U.S., is preparing to file for bankruptcy, according to people with knowledge of the plans.