Welcome to our dedicated page for Cbl & Assoc Pptys news (Ticker: CBL), a resource for investors and traders seeking the latest updates and insights on Cbl & Assoc Pptys stock.
CBL & Associates Properties, Inc. (NYSE: CBL), operating as CBL Properties, is a retail-focused real estate investment trust headquartered in Chattanooga, Tennessee. This news page aggregates company announcements, earnings updates and transaction disclosures that shed light on how CBL manages its national portfolio of enclosed malls, outlet centers, lifestyle centers, open-air centers and other retail properties.
Readers can find quarterly earnings releases and related commentary, which CBL reports through press releases and Form 8-K filings. These updates typically discuss metrics such as same-center net operating income, occupancy, leasing activity and tenant sales per square foot, along with management’s discussion of portfolio performance and balance sheet developments.
The news flow also covers acquisitions and dispositions of properties, including the purchase of four enclosed regional malls from Washington Prime Group and the sale of non-core open-air centers like The Promenade in D’Iberville, Mississippi, and CBL’s interest in Fremaux Town Center in Slidell, Louisiana. These items provide insight into the company’s portfolio optimization strategy and capital allocation decisions.
In addition, CBL regularly announces financing transactions such as non-recourse loans secured by individual properties and modifications of existing loans that extend maturities or adjust interest rates. Investors can also track dividend declarations and changes in the regular dividend rate, as well as authorizations and updates related to the company’s common stock repurchase program.
For investors and observers of retail real estate, following CBL’s news can help illuminate how the company responds to market conditions, manages its property portfolio and uses capital structure tools such as asset sales, acquisitions, refinancing and share repurchases.
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.
CBL Properties (NYSE: CBL) has appointed Scott D. Vogel to its board of directors, enhancing its leadership during a financial reorganization. Vogel brings extensive experience from his role as managing member of Vogel Partners and previous positions at Davidson Kempner Capital Management. His expertise in restructuring and transformation will be crucial as CBL navigates its financial challenges. CBL manages 108 properties across 26 states, emphasizing a robust portfolio in dynamic markets.
CBL Properties (NYSE: CBL) announced the resignation of Michael L. Ashner from its Board of Directors effective September 29, 2020, due to personal reasons. CEO Stephen Lebovitz expressed gratitude for Ashner's contributions during his tenure. CBL Properties operates a national portfolio of 108 properties encompassing 68.2 million square feet across 26 states, focused on high-quality retail centers. The company aims to enhance its portfolio through active management and reinvestment strategies. For more details, visit cblproperties.com.
CBL Properties (NYSE: CBL) has announced an extension of the Petition Date under its Restructuring Support Agreement (RSA) from October 1, 2020, to October 15, 2020. This agreement involves noteholders representing over 60% of the principal amount of several senior unsecured notes. The company aims to utilize this period for negotiations with both its senior secured lenders and noteholders to finalize a consensual arrangement, potentially amending the RSA to include senior lenders as well.