Washington Prime Group Files For Bankruptcy

(RTTNews) - Washington Prime Group Inc. (WPG) said Sunday that it and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas.

The company enters Chapter 11 after executing a restructuring support agreement with creditors, led by SVP Global, that hold about 73% of the principal amount outstanding of the Company's secured corporate debt and 67% of the principal amount outstanding of the company's unsecured notes.

The company noted that it has secured $100 million in new money debtor-in-possession financing from the Consenting Creditors to support day-to-day operations during the Chapter 11 process and ensure that all business operations continue in the ordinary course without interruption.