FORSYTH, Ill. (WCIA) — CBL & Associates Properties said they are planning on filing for Chapter 11 bankruptcy on October 1.
The Tennessee-based company owns malls such as Hickory Point Mall in Forsyth and Eastland Mall in Bloomington.
In a news release, CEO Stephen Lebovitz said on Wednesday, the company 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.” He continued to say that in order to implement the restructuring, the company would have to file for Chapter 11 bankruptcy.
Lebovitz stated all of CBL’s properties will be able to operate as normal. He said the company would be able to meet financial obligations with tenants, vendors and partners.
The company said this plan would allow them to make some changes once complete. “We will emerge as a stronger and more stable company, with an enhanced ability to execute on our key strategies of diversifying our sources of revenue and transforming our properties from traditional enclosed malls to suburban town centers.”