CBL - CBL's Chapter 11 plan to reduce debt by $1.5B

CBL & Associates Properties' (CBL) restructuring plan under  Chapter 11 bankruptcy proceedings will reduce total debt and preferred obligations by ~$1.5B, extend debt maturities and increase liquidity.CBL plunges 22% in premarket trading.The company plans to use the Chapter 11 process to implement terms outlined in the restructuring support agreement it entered into on Aug. 18 with certain beneficial owners and/or investment advisers or managers representing 62% of its 5.25% senior notes due 2023, 4.60% senior notes due 2024, and 5.95% notes due 2026.CBL expects further talks in an effort to reach a tri-party agreement among the company, noteholders, and credit facility lenders during the bankruptcy process.The company has ~$258.3M in unrestricted cash on hand and available-for-sale securities as of Sept. 30, 2020. That, with the positive cash flow generated by ongoing operations, is expected to be sufficient to meet CBL's operational and restructuring needs.Certain subsidiaries, including CBL’s joint ventures and the

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CBL's Chapter 11 plan to reduce debt by $1.5B