Business & Tech
Arbor Place Mall Owner Strikes Debt Deal To Stay In Business
Arbor Place's owner announced on Aug. 18 it had lost more than $81 million for the second quarter of 2020.
DOUGLASVILLE, GA — The owner of Arbor Place Mall has struck a deal with its lenders in order to stay afloat.
CBL & Associates Properties announced an agreement with its lenders Wednesday that will allow it to shed about $900 million of debt and at least $600 million of other obligations, according to Atlanta Business Chronicle.
The deal calls for what the Chronicle describes as a “comprehensive restructuring of the company’s balance sheet through Chapter 11 bankruptcy court filings” expected to begin in October. A Chapter 11 bankruptcy allows a company to continue operating while it restructures its debt.
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CBL, based in Chattanooga, Tennessee, has a portfolio of more than 100 properties, according to the Chronicle. The company reported on Aug. 18 that it had lost $81.5 million for the second quarter of 2020.
Arbor Place Mall first opened its doors in 1999.
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