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Southern Park owner given another extension to pay bills

BOARDMAN — The Ohio-based company that owns and operates hundreds of shopping malls across the U.S., including Southern Park Mall, has one more week to avoid default while talks continue to restructure its finances.

This is the third extension noteholders and creditors of Washington Prime Group have given the retail real estate investment trust on forbearance agreements the sides signed in late March, but it’s the first one-week extension. The previous two extensions were for two weeks.

The latest extension, filed with the U.S. Securities and Exchange Commission, expires at the end of the day May 5.

The agreements were announced March 16 in Washington Prime’s fourth quarter and full-year 2020 financial results that contained other sobering details of the company’s financial health. The day prior, a 30-day grace period the company had to make a $23.2 million loan payment after skipping it in February expired.

In the report, the company noted there was serious doubt regarding its ability to remain “a going concern …,” and discussions then included reorganizing through bankruptcy.

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