For fourth week in a row, mall owners forestall debts

Local News
Southern Park Mall, Boardman, Ohio

Credit: WKBN

YOUNGSTOWN, Ohio (WKBN) — For the fourth week in a row, the owners of the Southern Park Mall have extended an agreement to allow them to pay off their debt.

In a filing Wednesday before the Securities and Exchange Commission, Washington Prime Group said a forbearance agreement it has entered into with lenders has been extended to June 2.

The agreement had originally been set to expire May 5. It has now been extended four times.

In a forbearance agreement, a lender agrees to allow a borrower to have more time to satisfy its loan payments and also allows the borrower to use its cash collateral so it can stay in business.

In March, Washington Prime announced it was restructuring its debts to avoid bankruptcy. The company at the time said it was $111 million in debt.

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