Retail

Mall owner CBL warns about its ability to continue as a ‘going concern’

0


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…



Source cnbc.com

It’s like the Wild West with ‘get-rich-quick crowd’ vs. Wall Street pros, but it’s too easy to blame retail investors for ‘rampant speculation’

Previous article

Saudi Arabia, Russia push for extension to output cuts

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Retail