Mall owner Washington Prime Group Inc., whose portfolio of properties includes the Southern Hills Mall in Sioux City, IA, as well as Empire East in Sioux Falls, SD has filed Chapter 11 Bankruptcy Protection in the United States Bankruptcy Court for the Southern District of Texas. A complete list of Washing Prime Group’s properties can be found here: https://washingtonprime.com/properties/portfolio/default.aspx
Washington Prime Group is the latest domino to fall in the retail real estate / real estate investment trust sector as retailers filed for bankruptcy at a historic rate in 2020 rejecting leases and halting rental payments for months on end even when leases were assumed.
Washington Prime Group listed estimated assets of $4 billion and debt of almost $3.5 billion. The real estate investment trust said it had secured a bankruptcy loan of as much as $100 million to fund operations during court proceedings, which financing is subject to court approval. The case is Washington Prime Group Inc., 21-31948, U.S. Bankruptcy Court for the Southern District of Texas (Houston).
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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