Mall owner CBL & Associates (NYSE:CBL) has been struggling for years. As a result, it has been teetering on the brink of bankruptcy ever since the COVID-19 pandemic hit the United States.
Last Wednesday, the REIT acknowledged the inevitable. CBL issued a press release stating that it had entered a restructuring support agreement with a majority of its unsecured debt holders, calling for the company to file for bankruptcy protection by no later than Oct. 1. CBL stock jumped after this announcement, although it gave up most of its gains by the end of Thursday.
Dats source: YCharts.
Share price surges for companies declaring bankruptcy have become surprisingly common in 2020. This particular bounce was less irrational than many, as CBL in…
Read the full article at: https://www.fool.com/investing/2020/08/23/dont-buy-this-mall-reits-bankruptcy-bounce/
