CBL Properties, the owner of CoolSprings Galleria, announced it has “entered into a restructuring support agreement (“RSA”).” The Chattanooga-based company owns 100 retail centers.
A message posted to their website states, “In order to implement this comprehensive restructuring, the RSA contemplates that the company will commence voluntary Chapter 11 protection in the U.S. Bankruptcy Court on October 1, 2020.”
Like other malls across the country, CoolSprings Galleria closed during COVID and reopened on May 1 with limited hours.
CEO, Stephen Lebovitz shared the following points regarding the announcement.
- It’s business as usual at CBL’s properties. All CBL’s properties have reopened in accordance with the latest guidance from state and local governmental orders and will continue to operate as normal. Visitors to our properties will not notice any change in our operations.
- CBL Properties will be strengthened through this process. CBL will continue to own and operate a portfolio of market-dominant shopping centers with a vision to transform our properties from traditional enclosed malls to suburban town centers. This process will allow us to strengthen our balance sheet and provide even more flexibility to execute on our strategies.
- CBL will continue to work with our valued vendors, business partners and retailers. CBL has a significant cash position, which along with its net cash flow, provides sufficient liquidity to run our business. We will continue to meet our ongoing financial obligations.