SCOTTSDALE, AZ – Washington Prime Group, a Columbus, Ohio-based mall owner and mall owner with a presence in the Phoenix area, has filed for Chapter 11 bankruptcy protection.
Washington Prime, which owns 100 malls across the country, including the luxury lifestyle center Scottsdale Quarter in north Scottsdale, has lenient interest payment due on Feb.15.
The company says it has secured $ 100 million in new debtor financing from creditors, led by SVPGlobal, to aid day-to-day operations throughout the process and “ensure that all business operations continue as normal” without interruption.
Washington Prime has filed a lawsuit in the US Southern District Bankruptcy Court.
Along with Washington Prime, more than 90 affiliated subsidiaries and joint ventures also filed for Chapter 11 protection on Sunday. SDQ FEE LLC, which owns the Scottsdale Quarter property, was not one of them.
“Scottsdale Quarter is not a debtor and will not be affected by the Chapter 11 financial restructuring of the company,” a Washington Prime Group spokesman told the Business Journal. “There will be no impact on any tenant, seller, partner, or employee in the Scottsdale Quarter.”
Read more in the Phoenix Business Journal.