Nearly five months after filing for bankruptcy protection, CBL Properties officials believe a new agreement with key lenders will pave the way for the company to return to growth moving ahead.
“That’s the point. That’s what we’re trying to get to,” said Stephen Lebovitz, the shopping center company’s chief executive. “This [agreement] is the key to get the deal structure set so we have a sense what the balance sheet looks like when we come out of this.”
On Monday, the Chattanooga company that operates Hamilton Place and Northgate malls in the city, among more than 100 centers nationally, said it had reached an agreement with a bank group involving more than $1 billion previously loaned to CBL.
Over the next several months, CBL officials hope to hit several bankruptcy court milestones in the new agreement and lead the longtime builder and operator of shopping centers to emerge from Chapter 11 protection by Nov. 1 as an outside target date.
“This agreement is a major step forward for CBL’s restructuring plan,” Lebovitz said. “Reaching a fully consensual plan between our credit facility lenders and noteholders has been a primary goal throughout this process.”