Owner of Southern Park Mall reports emerging from bankruptcy; CEO steps down

Local News
Southern Park Mall, Boardman, Ohio

Credit: WKBN

BOARDMAN, Ohio (WKBN) – The company that owns the Southern Park Mall says it has emerged from Chapter 11 bankruptcy as the company’s CEO steps down.

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.

Washington Prime Group Inc. says each of its debtor affiliates has completed financial restructuring, eliminating nearly $1 billion in existing debt.

Washington Prime Group will operate as a private holding company, majority owned by SVPGlobal.

Meanwhile, Lou Conforti is stepping down from his role as chief executive officer.

Mark Yale, Washington Prime Group’s executive vice president and chief financial officer, and Josh Lindimore, the company’s executive vice president and head of leasing, will serve as interim co-CEOs.

Conforti released the following statement on the matter.

WPG’s relatively quick financial restructuring came as a result of the steadfast focus of my colleagues and SVPGlobal, our equity partner who shares our passion for the sector within which we operate. SVPGlobal recognizes the value of our brand, the potential of our assets, and, as importantly, our employees, corporate and field. As WPG emerges from bankruptcy, the timing is right for me to step down from my role as CEO and move to an advisory role. It is a ‘new beginning’ for WPG, and myself. I have thoroughly enjoyed leading this organization and wish it the greatest success.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending on WKBN.com

Boardman email background code