Thursday, November 5, 2020
Owner of Cherry Vale Mall files for bankruptcy
Owner of CherryVale Mall files for bankruptcy
by: WTVO
Posted: Nov 3, 2020 / 02:38 PM CST / Updated: Nov 3, 2020 / 06:13 PM CST
CHATTANOOGA, Tenn. (WTVO) — CBL Properties, which owns CherryVale Mall, announced Monday that it would be filing for Chapter 11 bankruptcy protection.
According to CNN, CBL has assets and estimated liabilities between $1 billion to $10 billion.
The company says it intends to use the Chapter 11 process to restructure its finances.
“After months of discussions and consideration of a number of alternatives, CBL’s management and the Board of Directors firmly believe that implementing the comprehensive restructuring as outlined in the RSA through a Chapter 11 voluntary bankruptcy filing will provide CBL with the best plan to emerge as a stronger and more stable company,” said Stephen D. Lebovitz, Chief Executive Officer of CBL.
As of September 30, 2020, CBL had approximately $258.3 million in unrestricted cash on hand and available-for-sale securities.
The company says it expects its cash position and positive cash flow to meet the restructuring needs.
Above is from: https://www.mystateline.com/news/local-news/owner-of-cherryvale-mall-files-for-bankruptcy/
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