WPG - Washington Prime files for Chapter 11

sefa ozel/E+ via Getty Images Washington Prime Group (WPG) has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Southern District of Texas. COVID-19 had forced Washington Prime to temporarily close some of its ~100 shopping centers across the U.S. as rent collections dried up and tenants went out of business. The company's Q1 2020 rental income fell $20M from the same quarter last year, and cash flows from operations plunged to $3.3M from $10M a year earlier. Washington Prime reportedly was in talks for ~$100M in debtor-in-possession financing to aid operations during bankruptcy. The company began negotiating with its creditors last year and skipped a $23M bond interest payment in February, but creditors extended a forbearance agreement several times during talks.

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Washington Prime files for Chapter 11