- June 17, 2021
- Posted by: Stratford Team
- Category: Business
ASHLAND — The company that owns the Ashland Town Center mall filed for Chapter 11 bankruptcy protection on Monday, according to court documents.
Washington Prime Group, a Columbus, Ohio-based mall and shopping center owner, has 100 retail centers nationwide, according to the filing.
The filing says Washington Prime Group is in forbearance on an interest payment that was due Feb. 15. It is executing a restructuring support agreement with creditors that hold about 73% of the principal amount outstanding of Washington Prime Group’s secured corporate debt and 67% of the principal amount outstanding of the company’s unsecured notes.
The company says it has secured $100 million in new debtor-in-possession financing from creditors led by SVPGlobal to support day-to-day operations during the process and “ensure that all business operations continue in the ordinary course without interruption.”
“The company’s financial…
