by Wolf Richter
Wolf Street
CBL and Pennsylvania Real Estate Investment Trust were both toast long before the Pandemic. The banks are stuck.
Two publicly traded mall landlords filed for bankruptcy on Sunday: CBL & Associates Properties and Pennsylvania Real Estate Investment Trust. Long before the filing, the shares of these REITs were reduced to near-nothing, and CBL’s unsecured bonds were totally trashed in 2019.
CBL Properties, which owns 107 properties with a total of 66.7 million square feet of space, in 26 states, announced this morning that “CBL & Associates Properties, Inc., CBL & Associates Limited Partnership (the “Operating Partnership”), and certain other related entities” had filed for Chapter 11 bankruptcy. On its balance sheet as of June 30, it lists total debt of $3.8 billion.