CBL Lists Total Debts Of $2.5 Billion In Bankruptcy Filing; Top 30 Creditors Given

  • Wednesday, November 4, 2020

Chattanooga-based mall owner CBL & Associates lists total debts of $2,584,623,736 in its bankruptcy filing in Houston, Tex. The share of the debt that is unsecured was put at $1,375,000,000.

Total assets were given as $38,394,155.

The firm, which has its headquarters at Hamilton Place, said it plans to continue to operate its properties "business as usual" subject to orders of the Bankruptcy Court.

The company wholly owns 66 properties, owns joint venture interests in 33 properties, and manages eight properties for third parties. CBL primarily derives rental revenue from leases from retail and non-retail tenants occupying the centers. 

The filing says CBL Properties, Inc. owns stock in two subsidiaries - CBL Holdings I, Inc. and CBL Holdings II, Inc., both of which hold ownership interests in CBL & Associates Limited Partnership.

The number of shares of preferred stock is 2,505,000 and the number of shares of common stock is 201,690,311. There are approximately 10,225 holders of CBL stock.

Those designated to act for CBL in the bankruptcy matter include Charles B. Lebovitz as chairman of the Board, Stephen D. Lebovitz as chief executive officer, Michael I. Lebovitz as president, Farzana Khaleel as executive vice president-chief financial officer, Jeffery V. Curry as chief legal officer and Katie Reinsmidt as executive vice president-chief investment officer.

The law firm of Weil, Gotshal & Manges LLP, located at 767 Fifth Ave., New York, New York, is handling the bankruptcy case for CBL.

The firm of Moelis & Company, located at 399 Park Ave., New York, New York, is retained as investment banker.

The firm of Berkeley Research Group, LLC, located at 99 High St., Boston, is retained as financial advisor.

The firm of Epiq Corporate Restructuring, LLC, located at 777 Third Ave., 12th Floor, New York, New York is retained as claims agent.

The document says CBL & Associates Properties, Inc. owns 100 percent of the outstanding equity interests of CBL Holdings I, Inc. and CBL Holdings II, Inc. Holdings I and Holdings II own approximately one percent and 96 percent, respectively, of the outstanding common units of the operating partnership. The remaining approximately three percent of the outstanding common units, including three series of special common units, issued by the operating partnership are held by various third parties.

It says the case was filed in Southern Texas because "a bankruptcy case concerning debtor’s affiliate, general partner, or partnership is pending in this district."

The top 30 creditors were listed as:

1 Delaware Trust Company, Wilmington, Delaware Unsecured Notes, $1,381,900,000 

2 Husch Blackwell LLP,  St. Louis, Missouri, $126,807.48 

3 CCI Construction of SC Inc., Spartanburg, South Carolina, $93,596.00 

4 ERMC LLC, Chattanooga, $58,865.90 

5 Recycling & Waste Solutions LLC, Chadds Ford, Pennsylvania, $50,789.94 

6 SecurAmerica LLC,  Atlanta, Georgia, $37,158.38 

7 Charleston County, North Charleston, South Carolina, $35,231.80 

8 Subway Real Estate LLC, Milford, Connecticut, $30,000.00 

9 Miller-McCoy, Inc.,  Chattanooga, $23,861.47 

10 Jones Lang LaSalle Brokerage Inc., Chicago, Illinois, $23,848.00 

11 Boen Plumbing Inc.,  Waco, Texas, $19,173.45 

12 KONE Inc., Carol Stream, Illinois, $16,477.90 

13 Western Specialty Contractors, St. Louis, Missouri, $15,435.00 

14 Piedmont Property Services, Inc.,  High Point, North Carolina, $12,827.48 

15 Palmetto Door Controls & Glass LLC, Surfside, South Carolina, $12,353.35 

16 Brite Ideas Contracting, LLC, York, Pennsylvania, $12,062.50 

17 Trane U.S. Inc., Atlanta, Georgia, $10,526.13 

18 Champions Real Estate Group LLC, Houston, Texas, $10,466.16 

19 Trimmers Holiday Décor, Sarasota, Florida, $9,643.38 

20 Foxhill Construction LLC,, Hampstead, North Carolina, $9,000.00

21 Florida Bulb & Ballast Inc., Melbourne, Florida, $8,109.90 

22 Schindler Elevator Corporation, Chicago, Illinois, $7,855.28 

23 A & H Mechanical Contracting, Inc., Collinsville, Illinois, $6,765.00 

24 SoCo Services, LLC., Gibsonville, North Carolina, $6,363.00 

25 AFL Network Services Inc., Charlotte, North Carolina, $6,300.86 

26 DCO Construction LLC, Brownsville, Texas, $5,500.00 

27 The Wilbert Group, Atlanta, Georgia, $5,250.00 

28 JennMack Group LLC, Winston Salem, North Carolina, $5,230.00 

29 Gettle Incorporated, Emigsville, Pennsylvania, $5,142.00 

30 Nauman Mechanical Inc., Stroudsburg, Pennsylvania, $4,850.00 

 

 

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