COLUMBUS, Ohio — Washington Prime Group (WPG), the parent company of Northwoods Mall and more than 200 locations across the United States, Monday filed for Chapter 11 bankruptcy.
According to a release, the company is using bankruptcy “to implement a comprehensive and consensual financial restructuring.”
This comes after the company executed a restructuring support agreement with creditors that hold approximately 73% of the principal amount outstanding of the company’s secured corporate debt.
“The company’s financial restructuring will enable WPG to right size its balance sheet and position the company for success going forward,” said WPG CEO and Director Lou Conforti. “During the financial restructuring, we will continue to work toward maximizing the value of our assets and our operating infrastructure.”
The release cited the pandemic for causing “significant challenges” that made filing for bankruptcy necessary.
“Throughout the restructuring process, the company remains committed to serving as a preeminent operator of retail town centers and will continue to serve its guests,” the release said.
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