MERIDIAN TOWNSHIP - On November 1, CBL Properties announced that they have completed their Chapter 11 reorganization, which, according to the company press release, will create “improved capital structure, greater financial flexibility, and a lowered cost of capital, positioning the company with a much-improved balance sheet and primed to pursue future growth opportunities.”
CBL owns 104 properties nationwide, namely the Meridian Mall in Okemos, and filed for bankruptcy in November of last year. With the restructuring, the company has reduced its debt and preferred obligations by approximately $1.7 billion.
Meridian Township Neighborhoods and Economic Development Director Amber Clark gave some context: “Several key components have begun to shape the identity of our previously known 'shopping mall'...we are reimagining how business can be conducted in this space and utilizing it in other ways. Additional developments are inevitable with the vision that the mall management team and the Township hold in common.”
CBL is headquartered in Chattanooga, Tennessee, and more information can be found at the link below.