U.S. mall owner CBL strikes restructuring deal with lenders to slash debt – CNBC

U.S. mall owner CBL & Associatesannounced Wednesday it has reached arestructuring support agreement with debt holders a bid to boost its balance sheet with its malls getting hammered by the Covid-19 crisis.

The Chattanooga, Tennessee-based real estate investment trust, which owns more than 100 retail centers, said in a securities filing that the terms of the agreement provide for a “comprehensive restructuring” of its capital through an in-court process expected to begin by Oct. 1.It would slash about$900 million of debt and at least $600 million of other obligations, the company said.

CBL said it ultimately plans to eliminate roughly $1.4 billion of its unsecured no…

Read the full article at: https://www.cnbc.com/2020/08/19/us-mall-owner-cbl-strikes-deal-with-lenders-avoiding-bankruptcy.html