Statement from CEO of CBL Properties –
CBL Properties plays a vital role in the communities in which we are located. Our properties (which includes the Old Hickory Mall, 2021 North Highland Avenue) 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 18th, CBL 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, on November 1st, CBL & Associates Properties, Inc., CBL & Associates Limited Partnership and certain related entities commenced voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas.
We are confident that this path will enable us to emerge stronger. We are committed to our mission to serving our community to the best of our abilities for years to come.
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 service providers, 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.
NOTE:
The owner of the Old Hickory Mall – Chattanooga-based CBL Properties – announced it had filed for bankruptcy protection on Monday.
CBL Properties, which operates 107 malls across the country, also owns CoolSprings Galleria and CoolSprings Crossing in Franklin.
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(PHOTO: Old Hickory Mall)
