YOUNGSTOWN, Ohio (WKBN) — For the second week in a row, the company that owns the Southern Park Mall has extended an agreement to restructure its debt.
Washington Prime Group filed the notice Wednesday with the Securities and Exchange Commission, saying lenders who are part of their forbearance agreement have agreed to extend the deadline from today to May 19.
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.