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Mall Owner Washington Prime Skips Payment, Hires Advisers (1)

Feb. 16, 2021, 3:03 PM

Mall owner Washington Prime Group skipped a debt payment and hired restructuring advisers, potentially becoming the latest casualty of the pandemic’s fallout among commercial landlords and tenants. The company’s shares and bonds plunged.

The real estate investment trust disclosed in a filing Tuesday that it withheld a $23.2 million interest payment due Feb. 15 on its senior notes and that it had invoked a 30-day grace period. The company will continue operate normally and use the time to continue discussions with various parties and lenders.

Washington Prime said it hired law firm Kirkland & Ellis and investment bank Guggenheim Securities ...