Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Washington Prime Group has filed for Chapter 11 bankruptcy protection in the Southern District of Texas, following an agreement it reached with many of its creditors to restructure its debt. It intends to stay in business and, to that end, has secured $100 million in debtor-in-possession financing from its creditors for its day-to-day operations during the Chapter 11 process.

The restructuring agreement was led by SVPGlobal; altogether, the creditors hold 73% of the REIT’s secured corporate debt and 67% of its unsecured notes. Washington Prime plans to deleverage its balance sheet by nearly $950 million, either by the equitization of its unsecured notes or by repaying in full in cash all of its corporate-level debt. One possibility is the sale of some of its assets to repay its debts.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.