Primefiles review3/18/2023 ![]() We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. Other mall owners such as CBL & Associates Properties Inc and Pennsylvania Real Estate Investment (NYSE: PEI) Trust filed for bankruptcy last year. Nevertheless, previous government stay-at-home orders and business closures designed to slow the pandemic crushed many retailers' bottom lines, imperiling their ability to pay rent to landlords such as Washington Prime. ![]() economy is now sharply rebounding with more than 140 million Americans fully vaccinated and businesses reopening. Its cash flows from operations for the three months ending in March were $3.3 million, a plunge from $10 million during the same time in 2020. The agreement contemplates a $325 million equity rights offering, according to the company.įallout from the pandemic last year forced Washington Prime to close some properties for a time and relax collection of rent from its tenants, squeezing the mall owner's finances.ĭuring the throes of the pandemic in 2020, Washington Prime's rental income plummeted about $127 million from 2019 levels due to the coronavirus outbreak.ĭuring the first three months of this year, Washington Prime's rental income was off roughly $20 million compared with the same time in 2020. ![]() The agreement provides for a deleveraging of the company's balance sheet by nearly $950 million, Washington Prime said on Sunday. The company said it has secured $100 million of so-called debtor-in-possession financing to aid operations during bankruptcy proceedings, adding it entered a restructuring support agreement with creditors led by SVPGlobal. Reuters earlier reported that the Columbus, Ohio-based company, formed in 2014 following a spin-off from mall giant Simon Property Group Inc (NYSE: SPG), was preparing to seek bankruptcy protection as soon as this week. The company's estimated assets ranged from $1 billion to $10 billion as did its estimated liabilities, according to a filing made in the United States Bankruptcy Court for the Southern District of Texas. (Reuters) -Mall owner Washington Prime Group (NYSE: WPG) filed for chapter 11 bankruptcy protection on Sunday after the COVID-19 pandemic forced it to temporarily close some of its roughly 100 shopping centers across the United States and businesses were unable to pay it rent. Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close
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