Another extension granted as Southern Park Mall operator continues talks to avoid bankruptcy
BOARDMAN, Ohio - It's another week and another extension of an agreement enabling the company that operates Boardman's Southern Park Mall to avoid defaulting on loans while it continues negotiations to avoid possible bankruptcy.
Washington Prime Group has again announced an agreement to extend a forbearance agreement with most of its lenders, this time until Wednesday, May 12. The agreement had been scheduled to expire on Wednesday, May 5.
The operator of retail developments around the country had been given previous two-week extensions of the agreement twice before, followed by a week-long extension one week ago.
Reporting a net loss of $111 million in the final quarter of 2020, the company said it continues negotiations to restructure.
The extension agreement forestalls debt with 67% of Washington Prime's lenders.
The mall owner said earlier that it may seek bankruptcy protection if that if a longer-term agreement on debt couldn't be reached.
