CoolSprings Galleria owner CBL Properties contemplates bankruptcy

Local News
Cool Springs_23914

CHATTANOOGA, Tenn. (WKRN) — Chattanooga-based CBL Properties, which owns CoolSprings Galleria and CoolSprings Crossing in Franklin, among many other shopping centers around the country, may file for bankruptcy.

The company made the announcement on Wednesday on its website.

The following message was posted online:

From Our CEO:

CBL Properties plays a vital role in the communities in which we are located. Our properties are a center of commerce that serve as a large employment base, a valuable community partner, and generate significant taxes that support programs in our communities. I am writing to communicate the important steps we are taking to position CBL for future success.

On August 19th, we announced that CBL has entered into a restructuring support agreement (“RSA”) with a group representing a majority of our bondholders that will allow us to significantly strengthen our balance sheet and organization. In order to implement this comprehensive restructuring, the RSA contemplates that the company will commence voluntary Chapter 11 protection in the U.S. Bankruptcy Court on October 1, 2020.

A few key points about this news:

It’s business as usual at CBL’s properties. All CBL’s properties have reopened in accordance with the latest guidance from state and local governmental orders and will continue to operate as normal. Visitors to our properties will not notice any change in our operations.

CBL Properties will be strengthened through this process. CBL will continue to own and operate a portfolio of market-dominant shopping centers with a vision to transform our properties from traditional enclosed malls to suburban town centers. This process will allow us to strengthen our balance sheet and provide even more flexibility to execute on our strategies.

CBL will continue to work with our valued vendors, business partners and retailers. CBL has a significant cash position, which along with its net cash flow, provides sufficient liquidity to run our business. We will continue to meet our ongoing financial obligations.

We hope the resources on this page will address any other questions or concerns that you might have.

For over 40 years, we have provided customers with the best in retail, dining, and entertainment. We look forward to serving you for another 40 years. Thank you for your continued support of CBL.

We hope the resources on this page will address any other questions or concerns that you might have.

Sincerely,

Stephen D. Lebovitz, Chief Executive Officer
CBL Properties

In addition to the two locations in Franklin, CBL Properties owns Shoppes at Eagle Point in Cookeville, Old Hickory Mall in Jackson, Hamilton Place Mall in Chattanooga, and Northgate Mall in Hixson.

This is a developing story. Stay with News 2 and WKRN.com for updates.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.



Don't Miss

Trending Stories