Wednesday, June 3, 2020

Mall Owner CBL Skips Debt Payment, Hoards Cash While Rents Fall

CBL & Associates Properties Inc.’s years of effort to revive its business is being threatened by months of unpaid rents, forcing the mall owner to skip an upcoming interest payment while it negotiates with creditors.

CBL elected against making the $11.8 million coupon payment due June 1 on its 5.25% senior unsecured notes, which mature in 2023. The company drew $280 million in cash from its line of credit and furloughed employees while halting redevelopment investments designed to reverse the long-term challenges facing many American malls. . . . more