YOUNGSTOWN, Ohio (WKBN) — For the third week in a row, the owners of the Southern Park Mall have extended an agreement with creditors to repay their loans.
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 May 26.
The agreement had originally been set to expire May 5. It has now been extended three 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.