June 23, 2024

Owner of Rolling Oaks Mall files chapter 11 bankruptcy

Washington Prime Group, the owner of Rolling Oaks Mall in San Antonio has filed for chapter 11 bankruptcy. The group owns and operates a large amount of indoor malls and businesses across the United States.

The company filed for bankruptcy in Houston. Chapter 11 allows businesses to continue to operate while restructuring debts with particular creditors. The company has assets in the amount of $4 billion and a debt close to $3.5 billion. WPG has said they have secured a loan in the amount of $100 million to keep things operating during the court proceedings.

During the COVID-19 pandemic a lot of businesses shuttered causing a lot of rents to be either paid late or not paid at all. Last year, the firm had began negotiation talks with its creditors and had skipped nearly $23 million bond interest payment in February.