Southern Park Mall owners get extension on debt for restructuring attempt

Local News

A forbearance agreement that Washington Prime Group has entered into with lenders has been extended to May 12

YOUNGSTOWN, Ohio (WKBN) — The company that owns the Southern Park Mall has been given a week extension to try and resolve its debts.

In a Securities and Exchange Commission report filed Wednesday, Washington Prime Group, which owns the mall, said a forbearance agreement it has entered into with lenders has been extended to May 12.

The agreement was set to expire Wednesday.

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.

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 This material may not be published, broadcast, rewritten, or redistributed.

Trending on WKBN.com