Bankruptcy for 2014 Simon Property Spin Off

Washington Prime Group (WPG) announced its prepackaged bankruptcy and $100 million debtor in possession loan yesterday. The restructuring support agreement with Consenting Creditors includes provisions to reduce total debt by nearly $1 billion and the possibility of a $325 million equity rights offering.

WPG is the third publicly-traded mall operator in the US to file for bankruptcy in the past 8 months.

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