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Washington Prime Group, one of the leading owners of more than 100 shopping malls in the United States, has filed for bankruptcy. Citing infectious disease-related idle time, U.S. Based on Chapter 11 of the Bankruptcy Code, the U.S. law for South Texas He filed for bankruptcy.
The Washington Prime Group in Columbus, Ohio, received $ 100 million in new funding to pay off debtors who agreed to the Chapter 11 financial restructuring.
Chapter 11 of the U.S. Bankruptcy Code allows a company to operate during a reorganization under court supervision. The debtor submits a recovery plan to the court to allow the debts to be paid on time.
Shares of Washington Prime fell 60 percent. During the year. Bankruptcy was due to temporary closures and rent reliefs to tenants. The company warned that such a scenario was possible and used Chapter 11 to “implement comprehensive and consistent financial restructuring” to reduce the nearly $ 1 billion debt.
Two shopping center owners, CBL Properties and Breit, who filed for bankruptcy last year, raised similar issues. All three owners of the shopping centers realized the plight of the major tenants, some of whom had gone bankrupt.
The UPS report estimates that about 80,000 jobs will be closed in the next five years. Convenience stores. The number of shopping malls in the United States will also decrease over the next five years.
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