Bankrupt Mall Owner CBL Files Plan to Resolve Wells Fargo Fight

Mall owner CBL & Associates Properties Inc. filed a plan of reorganization in bankruptcy court Dec. 29 following negotiations with an ad hoc group of noteholders as well as bank lenders owed about $1 billion, represented by Wells Fargo.

• Plan includes stipulations for bank lenders to receive shares of an exit credit facility, unsecured noteholders to receive stock distributions, and crossholders to receive shares of a claims recovery pool
• Allows for continuing litigation over whether bank lenders are entitled to additional recovery to confirm the plan, in the form of an equity distribution
• CBL also released cleansing documents Dec. 30 ...