CoolSprings Galleria Mall, Franklin, TN
Source: CBL Properties
Mall owner CBL & Associates said Friday that its ability to continue as a going concern is in doubt after the retailers in its properties have skipped rent payments during the Covid-19 crisis, forcing CBL to miss its own interest payment.
The Chattanooga, Tennessee-based real estate company, which owns 108 properties primarily in the Southeast, had said earlier in the week that it did not pay an $11.8 million interest payment due June 1. It said Friday that it has violated a covenant in its senior secured credit facility. This means its lenders now have the option to accelerate the maturity of its debt, the company…