Southern Park Owners Get 1-Week Extension to Restructure Debt

BOARDMAN, Ohio – The owner of the Southern Park Mall received a one-week extension as it works with its lenders to restructure its debt and avoid bankruptcy.

According to Columbus-based Washington Prime Group’s Monday filing with the Securities and Exchange Commission, noteholders and lenders have agreed to extend the forbearance period, set to expire today, to “the earlier of May 5, 2021, at 11:59 p.m., Eastern time, and the occurrence of any of the specified early termination events described in the applicable Forbearance Agreement.”

Washington Prime “is continuing to engage in negotiations and discussions with the Forbearing Noteholders and Forbearing Lenders to restructure its capital structure,” the filing stated.

On March 16, Washington Prime entered into its initial agreement with lenders after missing an interest payment of $23.2 million on notes that was due Feb. 15. The company received a two-week extension March 19 that was set to expire April 14, and subsequently got an additional two-week extension April 12. 

Washington Prime is conducting a multimillion-dollar renovation of the shopping center, which opened in 1970. Planet Fitness relocated to the mall from its space in the Boardman Plaza earlier this month. 

Related Coverage

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

Copyright 2021 The Business Journal, Youngstown, Ohio.