CoolSprings Galleria Mall, Franklin, TN
Source: CBL Properties
U.S. mall owner CBL & Associates announced Wednesday it has reached a restructuring 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