Cbl & Assoc Pptys Inc Stock Price, News & Analysis

CBL Properties (NYSE: CBL) has announced the sale of its self-storage portfolio for $42.0 million, generating approximately $8.5 million in cash for the company after settling $25.7 million in recourse loans. The portfolio included facilities developed on land at various locations such as Mid Rivers Mall in St. Charles, MO, and Eastgate Mall in Cincinnati, OH. CEO Stephen Lebovitz highlighted the sale as a significant value creation opportunity, with a cash investment of less than $300,000 in these assets.

CBL Properties (NYSE: CBL) reported its third-quarter results, demonstrating operational improvements and a significant recovery following its Chapter 11 emergence on November 1, 2021. Key metrics include a net loss of $41.7 million, translating to a loss of $0.21 per diluted share, a 25% reduction from the previous year. Funds From Operations (FFO), as adjusted, soared to $0.47 per diluted share, a 1,075% increase year-over-year. The same-center Net Operating Income (NOI) rose 26.5% for the quarter. CBL holds approximately $260 million in cash post-reorganization, focusing on growth opportunities and enhanced financial flexibility.

CBL Properties announced the successful completion of its Chapter 11 reorganization, enhancing its capital structure and financial flexibility. The company reduced its debt and preferred obligations by approximately $1.7 billion, leading to a newly secured $883.7 million term loan and $455.0 million in new secured notes. All existing common and preferred shares were canceled, with shareholders receiving a 5.5% stake in the reorganized company. CBL plans to leverage its improved structure to exploit market opportunities, expecting robust cash flow.

CBL Properties (NYSE: CBL) announced its emergence from Chapter 11 restructuring on November 1, 2021. The newly reorganized company's common stock will begin trading on the New York Stock Exchange starting November 2, 2021, under the same ticker symbol, CBL. CBL Properties manages a portfolio of 105 properties totaling 63.9 million square feet across 24 states. For further information on the restructuring, visit their website or a dedicated case page.

CBL Properties (OTCMKTS:CBLAQ) launched a campaign focused on the positive impact of its shopping centers in local communities. With over 1,300 locally owned businesses, CBL contributes significantly to local economies, employing approximately 100,000 people and generating nearly $70 million in annual property taxes. The company highlights that shopping at its malls supports local entrepreneurs and funds critical community programs. CBL aims to build relationships with local businesses, offering both short-term and long-term leasing opportunities to foster economic growth.

CBL Properties has been notified by the NYSE of its intention to delist CBL's common stock and preferred shares due to abnormally low price levels. CBL plans to appeal this decision. Effective November 3, 2020, the stock will begin trading on the OTC Markets under new symbols: "CBLAQ" for common stock, "CBLDQ" for Series D Preferred Stock, and "CBLEQ" for Series E Preferred Stock. Despite this transition to the OTC market, CBL assures that its business operations will remain unaffected.

CBL Properties (NYSE: CBL) has filed for Chapter 11 reorganization in the Southern District of Texas, aiming to recapitalize and restructure approximately $1.5 billion in debt. The company plans to maintain normal operations in its shopping centers during the process. The restructuring is based on a Restructuring Support Agreement reached with noteholders owning over 62% of its unsecured notes. With an estimated $258.3 million in cash, CBL expects to meet operational needs while pursuing a comprehensive restructuring to emerge stronger and more stable.

CBL Properties (NYSE:CBL) has extended the Petition Date under the Restructuring Support Agreement (RSA) from October 15, 2020, to November 2, 2020. This agreement involves over 60% of the holders of its senior unsecured notes. The company is negotiating with senior lenders and Noteholders to amend the RSA, which requires the consent of at least 75% of the Noteholders. Meanwhile, CBL has decided not to make a $6.9 million interest payment on the 2024 Notes due October 15, 2020, entering a 30-day grace period before default is declared.