CBL & Associates Properties (CBL) reported fourth quarter and full year earnings back on February 6th. The report served as a reminder that the company's turnaround strategy is still an ongoing process. Since the earnings reports, the company's common shares, preferred shares, and unsecured debt sold off further into levels indicating deep distress. While management has indicated that the redevelopment strategy of finding new tenants in vacated locations is going to necessitate the suspension of dividends through the end of 2020, the company's debt covenants may hint to their next capital move.
In the fourth