Arbor Place Mall Owner Strikes Debt Deal To Stay In Business

Douglasville GA

21 August, 2020

3:12 PM

Description

DOUGLASVILLE, GA — The owner of Arbor Place Mall has struck a deal with its lenders in order to stay afloat. CBL & Associates Properties announced an agreement with its lenders Wednesday that will allow it to shed about $900 million of debt and at least $600 million of other obligations, according to Atlanta Business Chronicle. The deal calls for what the Chronicle describes as a "comprehensive restructuring of the company's balance sheet through Chapter 11 bankruptcy court filings" expected to begin in October. A Chapter 11 bankruptcy allows a company to continue operating while it restructures its debt. CBL, based in Chattanooga, Tennessee, has a portfolio of more than 100 properties, according to the Chronicle. The company reported on Aug. 18 that it had lost $81.5 million for the second quarter of 2020. Arbor Place Mall first opened its doors in 1999.