SCOTTSDALE, AZ — Washington Prime Group, a Columbus, Ohio-based mall and shopping center owner with a presence in the Phoenix area, has filed for Chapter 11 bankruptcy protection.
Washington Prime, which owns 100 malls across the country including the luxury lifestyle center Scottsdale Quarter in north Scottsdale, is in forbearance on an interest payment that was due Feb. 15.
The company says it has secured $100 million in new debtor-in-possession financing from creditors led by SVPGlobal to support day-to-day operations during the process and "ensure that all business operations continue in the ordinary course without interruption."
Washington Prime filed in the U.S. Bankruptcy Court for the Southern District of Texas.
Along with Washington Prime, more than 90 affiliated subsidiaries and joint ventures filed for Chapter 11 protection as well on Sunday. SDQ FEE LLC, which owns the Scottsdale Quarter property, was not one of those.
"Scottsdale Quarter is a non-debtor and will not be impacted by the company’s Chapter 11 financial restructuring," a spokesperson for Washington Prime Group told the Business Journal. "There will be no impact to the tenants, vendors, partners or employees at Scottsdale Quarter."
Read more at Phoenix Business Journal.