WPG - Bankrupt Washington Prime Equity Holders Are Overvaluing Their Potential Recoveries Under The RSA
- Mall REIT Washington Prime Group filed for Ch.11 bankruptcy on June 13.
- Common shareholders and preferred shareholders will split $40 million cash or 6.125% of the new equity.
- Unsecured noteholders are getting cash and right to participate in a rights offer, if they are accredited investors.
- They are expected to exit bankruptcy by the end of August or if there is an alternative plan, by early September.
- The RSA left open the possibility of an alternative plan, which would have to meet a number of cash recovery conditions.
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Bankrupt Washington Prime Equity Holders Are Overvaluing Their Potential Recoveries Under The RSA