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.
CBL officials said in August that they planned to keep operating its stable of more than 100 properties nationally, including Hamilton Place and Northgate malls in the city, in spite of an expected Chapter 11 bankruptcy filing.
A plan worked out with some lenders called for reorganizing its debt amid the coronavirus pandemic, which has ravaged revenues at its centers due to the earlier lock down, store closings, and a slow return to face-to-face shopping.