WPG - Washington Prime confirms Chapter 11 talks

Washington Prime Group (WPG) says the uncertainty on its ability to meet its obligations on its debt raises "substantial doubt" about its ability to continue as a going concern.It also said it's in talks to restructure its existing debt, existing equity interests, and certain other obligations of the company, and that restructuring may be implemented under Chapter 11 bankruptcy.The REIT skipped a $23.2M interest payment that was due on Feb. 15 and doesn't expect to make the interest payment by the end of its 30-day grace period. That puts it in default on March 17. In addition, forbearance agreements on its notes and credit agreements ends at the end of the month.The board suspends its Q1 dividends on common shares and operating partnership units as well as with respect to series H preferred shares of beneficial interest and series I-1 preferred units of preferred limited partnership interest. "Although the company continues to be open

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Washington Prime confirms Chapter 11 talks