Chattanooga-based CBL Properties and required consenting note-holders have further extended its bankruptcy petition deadline from Thursday to Nov. 2 as it continues talks with its senior, secured lenders.
The shopping center developer, which operates Hamilton Place and Northgate malls in Chattanooga among others nationally, said it’s attempting to reach a consensual arrangement with the parties.
CBL entered a restructuring support agreement on Aug. 18 with certain beneficial owners and/or investment advisers or managers of discretionary funds, accounts, or other entities.
As discussions with its lenders continue, the company said it has elected to not make a $6.9 million interest payment due and payable on Thursday with respect to its 2024 notes. Under the indenture governing the 2024 notes, the operating partnership has a 30-day grace period to make the interest payment before the nonpayment is considered an event of default.
Compiled by Mike Pare