Major New York mall owner files for bankruptcy
A major New York mall owner has filed for bankruptcy, blaming closures linked to the pandemic.
On Sunday, Washington Prime Group, a company that owns more than 100 malls across the United States, filed a Chapter 11 application. The company said the COVID-19 pandemic “created significant challenges” for the owner from the mall, which made it “necessary” to file for bankruptcy. .
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Washington Prime Group adds that the company was able to secure $ 100 million in new debtor-in-possession financing from willing creditors to support day-to-day operations during the Chapter 11 process and ensure that all business operations continue in the normal course. without interruption.
“The financial restructuring of the company will allow WPG to resize its balance sheet and position the company for success in the future. During the financial restructuring, we will continue to work to maximize the value of our assets and operating infrastructure. The Company expects operations to continue in the normal course for the benefit of our customers, tenants, suppliers, stakeholders and colleagues, ”said Lou Conforti, CEO and Director of Washington Prime Group.
In New York, Washington Prime Group owns and operates the Jefferson Valley Mall in Yorktown Heights, Westchester County and the Chautauqa Mall in Lakewood. In New Jersey, the company owns and operates Brunswick Square Rockaway Commons and Rockaway Town Court.