ST. LOUIS — The owner of four St. Louis area malls announced plans to file for bankruptcy later this year.
CBL and Associates Properties own West County Center, St. Clair Square, Mid Rivers Mall and South County Center. According to CNBC, the Tennessee-based real estate investment trust owns more than 100 retail centers.
The company’s CEO, Stephen Lebovitz, said the company will commence voluntary Chapter 11 protection in the U.S. bankruptcy court on Oct 1.
He also said it should be “business as usual” at the malls for the time being.
On Wednesday CBL and Associates said it entered into a restructuring support agreement with a group representing a majority of its bondholders that will allow it to “significantly” strengthen its balance sheet and organization.
In a letter from its CEO it said CBL Properties will be strengthened through the process and it will continue to own and operate a portfolio of market-dominant shopping centers with a vision to transform its traditional enclosed malls to suburban town centers.
It also said it will continue to work with its vendors, business partners and retailers.
“CBL has a significant cash position, which along with its net cash flow, provides sufficient liquidity to run our business. We will continue to meet our ongoing financial obligations,” part of the letter said.
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