Chattanooga, Tenn.-based CBL & Associates, owner of East Towne Mall and West Towne Mall in Madison, has reached a restructuring support agreement with debt holders in an effort to boost its balance sheet, according to a report from CNBC. The restructuring is in response to the effects of the COVID-19 crisis on malls across the country.
CBL owns more than 100 retail centers and has said in a securities filing that the terms of the agreement provide for a “comprehensive restructuring” and will slash $900 million of debt and at least $600 million of other obligations. Day-to-day operations and business will continue as normal during the restructuring process.
