The company has voluntarily filed for Chapter 11 bankruptcy with intentions to restructure and reorganise the company.
Headquartered in Tennessee, CBL Properties owns and manages a national portfolio of 107 properties totalling 66.7 million square feet across 26 states. CBL Properties now intends to use the Chapter 11 process to reduce total debt and preferred obligations by approximately $1.5bn, extending debt maturities and increasing liquidity.
“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,” said Stephen D. Lebovitz, Chief Executive Officer of CBL. “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.”
Weil, Gotshal & Manges LLP is serving as legal counsel to the Company and Moelis & Company is serving as restructuring advisor.
