Washington Prime lenders, noteholders agree to extend forbearance again

By Sarah Lizee

Olympia, Wash., May 10 – Washington Prime Group Inc. operating partnership Washington Prime Group, LP has agreed with its lenders and noteholders to extend the forbearance period to 11:59 p.m. ET on May 12, according to an 8-K filing with the Securities and Exchange Commission.

The company expects to experience a default or event of default related to the maintenance of its total unencumbered assets compared to total unsecured debt, total adjusted outstanding debt compared to capitalization value and total outstanding unsecured debt to unencumbered capitalization value.

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

As previously reported, the company missed a $23.2 million interest payment on Feb. 15.

Additionally, in August of 2020, Washington Prime entered into amendments under its credit facilities that provide covenant relief through the third quarter of 2021.

The real estate investment trust is based in Columbus, Ohio.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.