Washington Prime Group owns about 100 malls throughout the U.S., including the Muncie Mall and Clay Terrace in Carmel.
The report indicated that time was running out for officials with the company to avert a default on loans after it skipped an interest payment.
None of this should come as a surprise, as the company said it would likely try to rid itself of assets like Muncie s struggling mall by defaulting on loans over time.
Mark E. Yale, the company s CFO, said WPG would transition those non-core assets back to the lender, meaning default on the mortgage loans secured by those shopping centers.
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Shopping mall owner Washington Prime Group, which owns and operates around 100 mid- and low-tier malls in the United States, is potentially preparing a bankruptcy filing.
The company skipped its $23 million interest payment last month, and said that it would use a 30-day grace period to continue negotiations with its lenders. But those talks have allegedly fallen apart,
Bloomberg reported this week, and the grace period is almost up.
Washington Prime formed when it spun off from Simon Property Group, the largest mall owner in the country, in 2014. The Columbus, Ohio–based company acquired Glimcher Realty Trust in 2015, adding to its portfolio of mainly B- and C-rated malls.
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