CBL Properties declares bankruptcy as shopping center manager looks to restructure debt

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CBL & Associates Properties Inc. said Monday that it has filed for bankruptcy protection, as it looks to implement a plan to recapitalize and restructure parts of its debt. The stock dropped 22% premarket prior to a trading halt for news. The Tennessee-based manager of shopping center properties said its customers, tenants and partners can expects “business as usual” at all of its properties during the bankruptcy. “After months of discussions and consideration of a number of alternatives, CBL’s management and the board of directors firmly believe that implementing the comprehensive restructuring as outlined in the RSA through a Chapter 11 voluntary bankruptcy filing will provide CBL with the best plan to emerge as a stronger and more stable company,” said Chief Executive Stephen Lebovitz. The stock has plunged 85.6% year to date through Friday, while the S&P 500 has gained 1.2%.
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