On November 1, 2020, mall owner CBL & Associates Properties, Inc. and 176 affiliated companies, collectively, the “Debtors”, each filed petitions for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas.
Some of CBL’s largest tenants, including J.C. Penney Co. and Ascena Retail Group Inc., have already filed for bankruptcy protection after the COVID-19 pandemic kept consumers at home, forcing many retailers already weakened by e-commerce to tip into bankruptcy. Chapter 11 will give the Debtors a chance to keep operating while reorganizing its finances and business. The Debtors listed estimated assets of $1 billion to $10 billion, and estimated liabilities at around the same amount. CBL’s filing is evidence that the dominos continue to fall as the economic fallout from the pandemic continues to effect businesses. CBL previously warned investors it was in trouble because tenants weren’t paying their rent.
A list of CBL Properties locations can be found here: https://www.cblproperties.com/leasing/properties.
The case docket for CBL & Associates Properties, Inc., Case No. 20-35226 (the "Main Case Docket") can be accessed through the website maintained by the United States Bankruptcy Court for the Southern District of Texas at https://www.txs.uscourts.gov/bankruptcy. An unofficial version of the Main Case Docket is accessible via EPIQ at: https://dm.epiq11.com/case/cblproperties/info.
A press release issued by CBL Properties regarding the bankruptcy filing can be found here: https://www.cblproperties.com/restructuring.
If you need help understanding your rights in the complicated bankruptcy process, contact the experienced bankruptcy attorneys at Goosmann Law in our Sioux City, Sioux Falls, and Omaha offices.
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