CoolSprings Galleria Mall, Franklin, TN
Source: CBL Properties
Mall owner CBL & Associates said Wednesday it has entered into a forbearance agreement with its lenders over a missed interest payment.
With bills piling up and many of its retail tenants opting to not pay rent during the coronavirus pandemic, CBL did not make an $11.8 million payment on June 1 on its 2023 notes, triggering a 30-day grace period that expired this week.
Then, on June 16, CBL said it would not be making an $18.6 million interest payment due that week on unsecured notes due 2026. That has triggered another grace period that expires in the middle of this month.
“The Company is continuing to engage in…