Washington Prime Group (WPG) has filed for bankruptcy due to the COVID-19 pandemic creating significant challenges. Throughout the restructuring process, the company remains committed to serving as a preeminent operator of retail town centers.
Lou Conforti, CEO and director of WPG, said, “The company’s financial restructuring will enable WPG to right size its balance sheet and position the company for success going forward. During the financial restructuring, we will continue to work toward maximizing the value of our assets and our operating infrastructure. The company expects operations to continue in the ordinary course for the benefit of our guests, tenants, vendors, stakeholders and colleagues.”
The REIT enters chapter 11 after executing a restructuring support agreement with creditors, led by SVPGlobal, that hold approximately 73 percent of the principal amount outstanding of the company’s secured corporate debt and 67 percent of the principal amount outs