World News – US – CBL Properties declares bankruptcy as mall manager seeks debt restructuring

CBL & Associates Properties Inc
CBL,
-194%
said on Monday it filed for bankruptcy protection, as it sought to implement a plan to recapitalize and restructure some of its debt The stock fell 22% before going to market before trading halt for news Tennessee-based shopping center property manager says clients, tenants and partners can expect a « status quo » at all of his properties during bankruptcy « After months of discussions and consideration of a number of alternatives, CBL management and the Board of Directors strongly believe that the implementation of the full restructuring as described in the RSA by the through a voluntary Chapter 11 bankruptcy filing will provide CBL with the best plan to emerge as a stronger and more stable company, ”said Stephen Lebovitz, managing director The stock has plunged 856% since the start of the year. year until Friday, while the S&P 500
SPX,
-121%
won 12%

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Tomi Kilgore is the Associate Editor of Investments and News for MarketWatch and is based in New York City You can follow him on Twitter @TomiKilgore

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Pennsylvania Real Estate Investment Trust, NYSE: CBL, Chapter 11, Title 11, United States Code, Finance, CBL Properties