McAllen’s Palms Crossing mall owners file for bankruptcy

The owner of Palms Crossing Mall in McAllen has filed for Chapter 11 bankruptcy protection to restructure his debt in federal bankruptcy court in Houston.

Washington Prime Group, the company that owns Palms Crossing, filed for bankruptcy last week.

In a statement, the owner told Channel 5 News that the pandemic has created significant challenges for many consumer-oriented businesses, including Washington Prime Group.

They say the company has determined that filing for bankruptcy was the most effective next step in resolving the company’s outstanding debt of up to $ 3.5 billion, according to court documents.

The company has assets of approximately $ 4 billion.

In a statement, McAllen city manager Roel “Roy” Rodriguez said there would be no impact on the Palms Crossing shopping district.

The owners of Palms Crossing will consider various options to restructure its debt.

Meanwhile, its business as usual.

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Tuesday 22 June 2021

June 22, 2021

Tuesday 22 June 2021 06:58:00 CDT

June 22, 2021


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