HUNTSVILLE, Ala. – The company that owns Parkway Place Mall says it plans to file for bankruptcy protection, but the filing won’t affect the mall or any of its other properties.
Chattanooga-based CBL Properties said in a news release that it plans to file for Chapter 11 bankruptcy protection on Oct. 1 as part of a company restructuring plan. The company hopes to eliminate about $900 million of its debt through the process.
CBL Properties CEO Stephen D. Lebovitz said in a letter that the restructuring will “will allow us to significantly strengthen our balance sheet and organization.”
CBL owns 91 properties all across the country, including Hamilton Place Mall in Chattanooga and Coolsprings Galleria in Franklin, Tenn. Lebovitz said in his letter the company wants to transform its traditional malls into “suburban town centers.”
The company said customers will notice no changes at any of its properties while it undergoes restructuring.