September 25, 2022

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Mall owner Washington Prime’s stock drops as it explores restructuring

Shares of Washington Key Team plummeted Tuesday after the Columbus-based mostly shopping center owner skipped a February mortgage payment. 

Washington Prime stock dropped far more than 34% to below $8 a share in midday trading. 

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In a regulatory filing early Tuesday, the organization, which owns Polaris Vogue Spot and buying centers throughout the region, claimed that it skipped a $23.2 million curiosity payment because of Monday. Washington Prime mentioned that it has a 30-working day grace period to make the payment. 

The owner of Polaris Fashion Place missed a loan payment in February as it struggles like many mall owners during the pandemic.

The company also described that it has employed Guggenheim Securities and the Chicago legislation company of Kirkland & Ellis to explore restructuring. 

“Washington Key Group’s board of administrators has created the tactical choice to have interaction advisors to check out strategic options in order to reinforce the company’s equilibrium sheet,” in accordance to a company statement released Tuesday afternoon.

“It is company as typical at Washington Primary Group’s qualities, exactly where our tenants, sponsors and staff will continue functioning as normal, with a target on providing a protected and pleasurable working experience for our company.”