CBL, Lenders Agree on New Bankruptcy Plan to Cut $1 Billion Debt

CBL & Associates Properties Inc. filed an amended Chapter 11 plan that incorporates a settlement with its key lenders, moving the mall operator a step closer to court approval of its reorganization.

The amended plan would reduce CBL’s funded debt by about $1 billion and cut annual interest payments by $20 million, CBL said in its amended disclosure statement, filed Thursday. “The Restructuring will leave the Debtors’ operations and business intact,” it said.

The amended plan filed with the U.S. Bankruptcy Court for the Southern District of Texas is the result of negotiations to resolve the “contentious and complicated ...