MISSOULA — The corporate owner of Missoula’s Southgate Mall has filed for Chapter 11 bankruptcy due to the COVID-19 pandemic.
Washington Prime Group (WPG) -- the country’s largest mall operator -- announced the “voluntary” Chapter 11 bankruptcy filing on Sunday.
A news release states a restructuring deal is in place “with creditors” and Washington Prime Group “has secured $100 million in new money debtor-in-possession financing” in order “to support day-to-day operations.”
“Washington Prime Group’s guests, retailers, and business partners can expect business as usual at all of the Company’s retail town centers throughout the proceedings,” according to the news release.
A hearing on WPG's request was scheduled to be held in the United States Bankruptcy Court for the Southern District of Texas on Monday.
