CBL Properties said Monday that it has extended its petition date under the Restructuring Support Agreement it filed in the summer from Oct. 1 to Oct. 15.
The Chattanooga-based shopping center company said it intends to utilize the additional time to continue collaborative negotiations with its senior, secured lenders and noteholders to attempt to reach a consensual arrangement with both parties.
In the event that such an arrangement were reached, the company and the noteholders would amend the RSA to include its senior, secured lenders, CBL said.
It said the agreement may be amended by the company and with the consent of noteholders representing at least 75% of the unsecured notes that are held by noteholders that are party to the RSA.
The RSA was entered into on Aug. 18 with certain beneficial owners and/or investment advisors or managers of discretionary funds, accounts, or other entities. Those parties represented in excess of 60%, including joining noteholders added pursuant to joinder agreements, of the aggregate principal amount of the operating partnership’s 5.25% senior unsecured notes due 2023, the operating partnership’s 4.60% senior unsecured notes due 2024 and the operating partnership’s 5.95% senior unsecured notes due 2026.