CBL said in a
The mall operator, based in Chattanooga, Tennessee,
A spokeswoman for the company declined to comment.
CBL’s problems predate the spread of the coronavirus, as changing shopping habits in the age of e-commerce have battered malls. The company’s shares are down about 70% over the past year and have been trading below $1 since late January.
In January, the company hired Moelis & Co. and the law firm Weil, Gotshal & Manges to explore ways to reduce leverage and interest expense, according to a
The pandemic has made things worse, keeping consumers at home and forcing many retailers to temporarily shutter. CBL has reopened 66 of the 68 malls it owns or manages, Chief Executive Officer
But it collected just 27% of rent in April and likely will get 25% to 30% of the payments for May, based on preliminary receipts and conversations with retailers, the statement said.
(Adds background and share price.)
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