Southern Park Mall Owners Again Granted Extension

BOARDMAN, Ohio – The owners of the Southern Park Mall have received yet another one-week extension to work with its lenders to avert bankruptcy.

Washington Prime Group, a real estate investment trust based in Columbus, said in a federal regulatory filing today that the company and its lenders on May 4 agreed to extend a forbearance agreement to May 12 at 11:59 p.m.

An earlier extension approved last week was supposed to expire today.

Washington Prime is “continuing to engage in negotiations and discussions with the forbearing noteholders and forbearing lenders to restructure its capital structure,” the filing said.

On March 16, Washington Prime entered into a forbearance agreement with interested parties after missing an interest payment of $23.2 million on notes that was due Feb. 15. The company has since received a two-week extension on March 19 that was set to expire April 14, another two-week extension April 12, and another one-week extension April 27 that was due to expire May 5.

The Southern Park Mall is currently undergoing a multimillion-dollar makeover of the retail center, which opened in 1970. Among its most recent tenant is Planet Fitness, which relocated to the mall in April.

Related Coverage

April 28: Southern Park Owners Get 1-Week Extension to Restructure Debt

April 12: Southern Park Mall Owners Get Another Extension to Restructure Debt

March 29: Southern Park Mall Owners Get Extension

Feb. 16: Southern Park Mall Owner Misses $23.2M Interest Payment

Published by The Business Journal, Youngstown, Ohio.