CBL Properties, the owner and operator of more than 100 enclosed malls, is reportedly preparing a Chapter 11 filing.
The Chattanooga, Tennessee-based company built its first mall in Texas in 1979 but now, 41 years later is preparing to enter Chapter 11 with a restructuring agreement after negotiations with its lenders, according to Bloomberg Law.
CBL had entered into forbearance agreements with its lenders after missing two interest payments totalling $30M. Both agreements expire on Wednesday.
One of the premier owner-operators of malls in the nation, CBL is named for Founder Charles B. Lebovitz, whose sons Stephen and Michael are the company’s current CEO and President.
