Eastland Mall owner may file for bankruptcy

Posted on August 20, 2020
The company also said that stock will continue to be traded on the exchange. (Photo courtesy: Heart of Illinois ABC)

By Heart of Illinois ABC

BLOOMINGTON – CBL Properties, owner of the Eastland Mall in Bloomington, may file for voluntary Chapter 11 bankruptcy.

A letter from CEO Stephen Lebovitz said a restructuring support agreement with 57 percent of bondholders contemplates that the company will commence Chapter 11 protection in U.S. Bankruptcy Court on October 1.

Lebovitz said all of the company’s properties will continue to operate as normal after reopening in accordance with the latest guidance from state and local government.

“Visitors to our properties will not notice any change in our operations,” he said.

He also said the company will continue to work with vendors, business partners and retailers — citing a significant cash position and net cash flow.

If restructuring is finished, CBL Properties will eliminate nearly $900 million debt and over $600 million in other obligations.

The company also said that stock will continue to be traded on the exchange.

Heart of Illinois ABC can be reached at [email protected]. 

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