CBL Properties will again be traded on the New York Stock Exchange next week as the Chattanooga-based shopping center developer emerges from bankruptcy reorganization.
CBL announced Wednesday it expects to rejoin the stock listing on the New York Stock Exchange next Tuesday under the symbol CBL. The company plans to emerge from its bankruptcy reorganization on Monday, a year after CBL filed a Chapter 11 petition in U.S. Bankruptcy Court in Texas to reorganize its finances in the wake of store shutdowns and lease cancellations during the coronavirus pandemic.
Earlier this week, CBL announced a new board of directors for the company, although Stephen Lebovitz will remain as CEO and a board member and his father, company founder Charles B. Lebovitz, will remain on the board and as a company executive in his new role as chairman emeritus.
"We will be working diligently to close these complex transactions in order to emerge on November 1st as a re-energized company with a bright future," CBL President Stephen Lebovitz said after the federal court in August approved CBL's reorganization and emergence from bankruptcy. "As we have stated all along, we are confident that this path will enable us to emerge stronger with a more flexible capital structure."
The New York Stock Exchange (NYSE) suspended trading of CBL's common and preferred stocks on Nov. 2, 2020 and announced that the Big Board would delist CBL's stocks from the NYSE after the company's shares plunged following the bankruptcy filing.
CBL's common stock is now traded on the OTC Bulletin Board or "pink sheets," under the ticker CBLAQ.
Shares of CBL's common stock on the OTC bulletin board debuted at 16 cents a share and fell as low as 2 cents a share before rising again and closing Wednesday at 17.2 cents per share, up 4.1% in trading Wednesday after the stock announcement.
Under CBL's reorganization plan, current common and preferred shareholders will receive up to 11% of common equity in the newly reorganized company.
Headquartered in Chattanooga, CBL Properties owns and manages a national portfolio of retail properties with 63.9 million square feet at 105 properties in 24 states, including Hamilton Place and Northgate malls in Chattanooga.
Contact Dave Flessner at dflessner@timesfreepress.com or at 423-757-340