According to a recent article on Bloomberg’s website, CBL & Associates Properties Inc (NYSE: CBL) is preparing to file for bankruptcy, which according Bloomberg comes from people with knowledge of their plans. CBL & Associates Properties Inc is the owner of more than 100 shopping malls across the U.S.
CBL & Associates Properties Inc., according to reports, has been negotiating with their lenders in an effort to enter Chapter 11 with a consensual restructuring agreement in place. The plans are not final, and elements could change. CBL has declined to comment to Bloomberg.
According to Yahoo Finance, CBL Properties is a real estate investment trust that invests in shopping centers, primarily in the Southeastern and Midwestern United States. The company is organized in Delaware with its headquarters in Chattanooga, Tennessee. The company's largest tenants are L Brands, Signet Jewelers, and Foot Locker.
CBL & Associates Properties Inc, is operated and partially owned by the sons of Charles Lebovitz, who took the company public in 1993. Stephen Lebovitz, CBL’s CEO, and the Lebovitz family, own more than 10% of the company’s equity.
Today CBL is trading at approximately 0.19
| The 52-week high was | 1.78 |
| The 52-week low was | 0.18 |
After Bloomberg’s report of a possible bankruptcy, shares of CBL dropped 11%, and as of today was down 24%.
CBL & Associates Properties Inc operates Class B malls and was hurt recently due to the struggles of their top tenants, Dicks Sporting Good and Ascena Retail Group. Due to the Covid-19 pandemic and the loss of income from stores not able to pay rent, CBL was forced to skip an interest payment on some of its more than $3 billion debt. CBL has a forbearance agreement with their debt-holders which was extended until July 22, according to a regulatory filing this week, reported Bloomberg.
If you’ve suffered losses due to the recommendations of your broker/dealer or financial advisor in, CBL & Associates Properties Inc, call Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
If you purchased CBL on your own, please don't call. We can only help you recover your investment losses if your broker/dealer recommended this investment to you.
Soreide Law Group works on a contingency fee basis and represents clients nationwide before FINRA.
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