(Bloomberg) — Mall owner CBL Properties is planning to file for bankruptcy, a victim of dwindling foot traffic, shuttered retail space and rents too low to cover more than $3 billion in debt.The company said in a statement it reached an agreement with some of its creditors to hand control to holders of its unsecured notes. The company said it will keep negotiating with senior lenders and others who haven’t signed onto the deal. As currently envisioned, the “in-court process” would eliminate $900 million of debt.CBL previously warned investors it was in trouble because tenants weren’t paying their rent. The …read more
Source:: Yahoo Finance
