Real Estate

Us Mall Owners Cbl, Pennsylvania Reit, File For Bankruptcy

by cnbc.com posted 7months ago 33 views
Two mall owners — CBL and Pennsylvania Real Estate Investment Trust — have filed for Chapter 11 bankruptcy protection. : Mall owners CBL & Associates and r Pennsylvania Real Estate Investment Trust have filed for Chapter 11 bankruptcy protection, highlighting the pressures the retail real estate industry is facing because of the coronavirus pandemic. Both companies filed on Sunday. The latter, the largest mall owner in Philadelphia, filed its petition to execute a prepackaged financial restructuring plan. It said it plans to unlock $150 million in new borrowing, aiming to recapitalize the business and extend its debt maturities.

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