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CBL Properties (OTCMKTS:CBLAQ) announced new appointments to its Board of Directors following its emergence from Chapter 11 on November 1st. Jonathan Heller, who joined on October 15, will serve as Chairman, with Stephen Lebovitz and Charles Lebovitz remaining on the Board. Five new directors are added: Marjorie Bowen, David Contis, David Fields, Robert Gifford, and Kaj Vazales. CEO Stephen Lebovitz highlighted the diverse experiences of the new directors as a significant asset for CBL’s growth and success.
CBL Properties (OTCMKTS:CBLAQ) has appointed Jonathan Heller to its board of directors as the company prepares to emerge from bankruptcy on November 1st. Heller's extensive investment experience and familiarity with the restructuring process are expected to facilitate a smooth transition to the new board. CBL Properties operates a diverse portfolio of 105 properties totaling 63.9 million square feet across 24 states, focusing on active management and leasing to enhance shareholder value.
CBL Properties (OTCMKTS:CBLAQ) announced the successful closing of two asset sales totaling approximately
CBL Properties (OTCMKTS:CBLAQ) announced a series of promotions, including two to Executive Vice President and six to Senior Vice President, as part of its restructuring efforts ahead of emerging from bankruptcy on November 1. CEO Stephen D. Lebovitz emphasized the depth of leadership within the company and the contributions of the promoted individuals. The promotions aim to position CBL to capitalize on opportunities arising from the restructuring, as the company owns a national portfolio of 105 properties totaling 63.9 million square feet across 24 states.
CBL Properties (OTCMKTS: CBLAQ) reported its Q2 2021 results, showing significant recovery from the previous year. Key highlights include a net loss of $8.9 million ($0.05 per diluted share), an 88.1% improvement year-over-year. Funds from Operations (FFO), as adjusted, soared to $0.39 per diluted share, compared to $0.02 in Q2 2020. Sales increased by 22.3% compared to Q2 2019, while same-center NOI rose by 18.5%. Portfolio occupancy reached 87.0%, although it showed a decline from 2020. The company is progressing with its restructuring and redevelopment plans, with a clear path to emerge from bankruptcy by November 1, 2021.
CBL Properties (OTCMKTS: CBLAQ) announced on August 11, 2021, that the U.S. Bankruptcy Court for the Southern District of Texas approved its Plan of Reorganization, following its Chapter 11 filing on November 1, 2020. The plan received over 95% support from all creditor classes. It aims to eliminate more than $1.6 billion in debt, significantly reduce interest expenses, and restructure the balance sheet. The effective date for the plan is slated for November 1, 2021, allowing the company to emerge with a flexible capital structure and a strong future.
CBL Properties (OTCMKTS:CBLAQ) has announced two new tenants for the redevelopment of Kirkwood Mall in Bismarck, North Dakota, adding Pancheros Mexican Grill and Thrifty White Pharmacy to previously confirmed establishments like Chick-fil-A, Five Guys, and Blaze Pizza. Construction is ongoing, with demolition of the old Herberger's building part of future phases. CEO Stephen Lebovitz highlighted that these additions align with the strategy to diversify tenant offerings and enhance the mall's market position, aiming for greater growth opportunities.
CBL Properties (OTCMKTS:CBLAQ) has promoted Jennifer Cope to Senior Vice President of Operations Services and Joseph Khalili to Senior Vice President of Financial Operations. Stephen Lebovitz, CEO, praised their leadership in modernizing financial operations. Cope, with CBL since 2001, has held key roles in operations and business transformation. Khalili joined in 2012, advancing through financial planning and analysis. CBL manages a national portfolio of 104 properties totaling 63.8 million square feet across 24 states, focusing on operational excellence and strategic growth.
