CBL Properties and Required Consenting Noteholders Extend Petition Deadline to October 15, 2020
CBL Properties (NYSE: CBL) has announced an extension of the Petition Date under its Restructuring Support Agreement (RSA) from October 1, 2020, to October 15, 2020. This agreement involves noteholders representing over 60% of the principal amount of several senior unsecured notes. The company aims to utilize this period for negotiations with both its senior secured lenders and noteholders to finalize a consensual arrangement, potentially amending the RSA to include senior lenders as well.
- Extension of Petition Date allows for further negotiation time with senior lenders and noteholders.
- Involvement of noteholders representing over 60% of unsecured notes indicates strong support for restructuring efforts.
- Continued restructuring efforts highlight ongoing financial difficulties.
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that the Petition Date under the Restructuring Support Agreement (the “RSA”) has been extended from October 1, 2020 to October 15, 2020. The RSA was entered into on August 18, 2020, with certain beneficial owners and/or investment advisors or managers of discretionary funds, accounts, or other entities (the “Noteholders”) representing in excess of
The Company intends to utilize the additional time to continue collaborative negotiations with its senior, secured lenders and the Noteholders to attempt to reach a consensual arrangement with both parties. In the event that such an arrangement were reached, the Company and the Noteholders would amend the RSA to include its senior, secured lenders. The agreement may be amended by the Company and with the consent of noteholders representing at least
The latest information on CBL’s restructuring, including news and frequently asked questions, can be found at cblproperties.com/restructuring.
No Solicitation or Offer
Any new securities to be issued pursuant to the restructuring transactions may not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws but may be issued pursuant to an exemption from such registration provided in the U.S. bankruptcy code. Such new securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. This press release does not constitute an offer to sell or buy, nor the solicitation of an offer to sell or buy, any securities referred to herein, nor is this press release a solicitation of consents to or votes to accept any Chapter 11 plan. Any solicitation or offer will only be made pursuant to a confidential offering memorandum and disclosure statement and only to such persons and in such jurisdictions as is permitted under applicable law.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s portfolio is comprised of 108 properties totaling 68.2 million square feet across 26 states, including 68 high‑quality enclosed, outlet and open-air retail centers and 9 properties managed for third parties. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information, visit cblproperties.com.
Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.
