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CBL & ASSOCIATES PROPERTIES, INC.

(CBL)
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CBL & Associates Properties : Mall owner Washington Prime files for chapter 11 bankruptcy protection

06/13/2021 | 10:29pm EDT

June 13 (Reuters) - Mall owner Washington Prime Group filed for chapter 11 bankruptcy protection on Sunday after the COVID-19 pandemic forced it to temporarily close some of its roughly 100 shopping centers across the United States and businesses were unable to pay it rent.

The company's estimated assets ranged from $1 billion to $10 billion as did its estimated liabilities, according to a filing made in the United States Bankruptcy Court for the Southern District of Texas.

Reuters was the first to report that the Columbus, Ohio-based company, formed in 2014 following a spin-off from mall giant Simon Property Group Inc, was preparing to seek bankruptcy protection.

The company was in talks for roughly $100 million of so-called debtor-in-possession financing to aid operations during bankruptcy proceedings, Reuters reported earlier on Sunday.

Fallout from the pandemic last year forced Washington Prime to close some properties for a time and relax collection of rent from its tenants, squeezing the mall owner's finances.

During the throes of the pandemic in 2020, Washington Prime's rental income plummeted about $127 million from 2019 levels due to the coronavirus outbreak.

During the first three months of this year, Washington Prime's rental income was off roughly $20 million compared with the same time in 2020. Its cash flows from operations for the three months ending in March were $3.3 million, a plunge from $10 million during the same time in 2020.

The U.S. economy is now sharply rebounding with more than 140 million Americans fully vaccinated and businesses reopening.

Nevertheless, previous government stay-at-home orders and business closures designed to slow the pandemic crushed many retailers' bottom lines, imperiling their ability to pay rent to landlords such as Washington Prime.

Other mall owners such as CBL & Associates Properties Inc and Pennsylvania Real Estate Investment Trust filed for bankruptcy last year.

(Reporting by Kanishka Singh in Bengaluru; Editing by Stephen Coates)


ę Reuters 2021
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Financials (USD)
Sales 2020 576 M - -
Net income 2020 -295 M - -
Net Debt 2020 3 678 M - -
P/E ratio 2020 -0,02x
Yield 2020 -
Capitalization 24,4 M 24,4 M -
EV / Sales 2019 4,79x
EV / Sales 2020 6,40x
Nbr of Employees 446
Free-Float 80,4%
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Stephen D. Lebovitz Chief Executive Officer & Director
Michael I. Lebovitz President
Farzana Khaleel Mitchell Chief Financial Officer, Treasurer & Executive VP
Charles B. Lebovitz Executive Chairman
Karen Walker Vice President-Information Technology
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