CBL's portfolio includes properties totaling The Chapter 11 bankruptcy had been expected since late August when it entered into a Restructuring Support Agreement RSA with some of its lenders in anticipation of the filing. Also, the filing will lengthen debt maturity and improve CBL's net cash flow, he said. As of Sept. That amount, along with its net cash flow, will provide sufficient liquidity to run the business, the company said.
CBL said it has no plans to pursue a sale of the company at this time, and that it will continue to be led by its existing management. CBL's stock continues to trade on the exchange, according to the mall operator. It said that any recovery to existing shareholders will ultimately be determined in connection with the court-supervised Chapter 11 process.
The company said it has filed customary motions with the court seeking types of relief to allow CBL to meet necessary obligations and fulfill its duties during the restructuring process, including authority to continue payment of employee wages and benefits, honor certain customer and vendor commitments and otherwise manage its day-to-day operations.
Earlier this summer, CBL said in an SEC filing there was "substantial doubt" it would continue to operate as a going concern. Later, CBL elected not to make interest payments on some of its debt and started talks with the lenders after government-mandated lock downs hit the company's shopping centers along with an array of retail closings.
Some of the top tenants in CBL's shopping centers have been among the most actively shedding stores amid the coronavirus-driven retail meltdown.
The Company has elected to enter the day grace period with respect to the Interest Payment in order to advance discussions with its lenders and explore alternative strategies. The Company was notified by the administrative agent of the senior secured credit facility that the failure to make the Interest Payment constitutes a default under the senior secured credit facility and that, if not cured within the applicable day grace period, it will be an event of default under the senior secured credit facility.
The Company could prevent an event of default if it paid the Interest Payment prior to the expiration of the day grace period or if it reached an alternative arrangement with the holders of the Notes. A cashier at the Speedway, East 3rd St. He said the man was a black male, years old, six feet tall and was wearing an orange The Chattanooga Police Department Traffic Unit is requesting assistance in locating the suspect vehicle in a fatal hit-and-run crash involving a pedestrian that occurred on Friday night on Highway He said the man was a black male, years old, six feet tall and was wearing an orange jacket, blue jeans, a camouflage hat, and carrying a black backpack.
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