Corporate owner of Edison Mall in Fort Myers files for bankruptcy protection

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Washington Prime Group Inc. has filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code, the Columbus, Ohio-based company announced this week, blaming its indebtedness on challenges it faced from the COVID-19 pandemic. The company, a retail REIT that owns Edison Mall in Fort Myers and Port Charlotte Town Center as well as a portfolio of 100 other malls, enters Chapter 11 after executing a restructuring support agreement with creditors, led by investment firm SVPGlobal, that hold about 73% of the principal amount outstanding of the company’s secured corporate debt and 67% of the principal amount outstanding of the company’s unsecured notes. Washington Prime will utilize Chapter 11 to implement a comprehensive and consensual financial restructuring of its corporate-level debt that will allow it to substantially deleverage its balance sheet and strengthen its business and operations going forward, either through a full equitization of the company’s unsecured notes or an alternative value-maximizing transaction that would repay, in full in cash, all of its corporate-level debt, the company reports.

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