Owner Of Pittsburgh-Area Malls Files For Bankruptcy

Pittsburgh PA

02 November, 2020

1:15 PM

Description

MONROEVILLE, PA — CBL Properties, which owns Monroeville Mall and Westmoreland Mall, filed for bankruptcy on Monday. The move comes after some of its biggest tenants went into bankruptcy after the coronavirus outbreak kept shoppers at home and forced many retailers to quit paying rent. Both malls will remain open during bankruptcy proceedings. "After months of discussions and consideration of a number of alternatives, CBL's management and the Board of Directors firmly believe that implementing the comprehensive restructuring as outlined in the RSA through a Chapter 11 voluntary bankruptcy filing will provide CBL with the best plan to emerge as a stronger and more stable company," Stephen D. Lebovitz, chief executive officer of CBL, said in a release. "With an aggregate of approximately $1.5 billion in unsecured debt and preferred obligations eliminated and a significant increase to net cash flow, upon emergence, CBL will be in a better position to execute on our strategies and move forward as a stable and profitable business." CBL's bankruptcy filing that it has assets and estimated liabilities between $1 billion to $10 billion. Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of 107 properties totaling 66.7 million square feet across 26 states, including 65 enclosed, outlet and open-air retail centers and eight properties managed for third parties.