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CBL & Associates Properties, Inc. (CBL)

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  • J
    Just Me
    Live opened .. “CBL Properties (OTCMKTS:CBLAQ) today announced the completion and grand opening of Live! Casino Pittsburgh, a $150-million entertainment destination developed by The Cordish Companies, in the former Bon-Ton location at CBL’s Westmoreland Mall in Greensburg, Pennsylvania, outside of Pittsburgh. The new casino features 750 of the latest, state-of-the-art slots and approximately 30 live-action table games, as well as the industry-leading FanDuel Sportsbook.
    "Live! Casino Pittsburgh is a world-class gaming and entertainment destination and is a tremendous addition to Westmoreland Mall," said Stephen Lebovitz, chief executive officer, CBL Properties. "It will draw customers from well beyond the mall’s existing trade area. This redevelopment is truly the most extraordinary reuse of a former anchor, not just at a CBL property, but at any property."
    The 100,000-square-foot two-level facility, features a state-of-the-art casino on the ground level as well as a variety of entertainment and food options on the second level, including live music and non-casino games. Additionally, the facility includes a lineup of premier dining and entertainment concepts – Guy Fieri’s American Kitchen + Bar and Sports & Social Steel City.

    Emmy-award winning chef, restaurateur, New York Times Best Selling author and TV personality Guy Fieri opened Guy Fieri’s American Kitchen + Bar highlighted by a creative menu and craft cocktails. Sports & Social Steel City features a 45-foot LED video screen for the ultimate sports experience, where guests can watch up to 16 different games at once. Sports & Social also offers a FanDuel Sportsbook, allowing guests to place wagers at FanDuel and providing them access to FanDuel’s fantasy and sports betting platforms.
    In addition, the Live! Casino property will also include a PBR Country Bar – PBR Pittsburgh. Slated to open next year as part of a second phase of openings, PBR Pittsburgh will bring an authentic country experience to the region.
    Lebovitz added, "Our partners at The Cordish Companies have considered every detail, from the food and entertainment options, gaming, down to the elaborate fixtures to create a one-of-a-kind experience for the Greater Pittsburgh region. This addition, coupled with the in-demand merchandising mix Westmoreland Mall offers, provides visitors to the property with a wide array of entertainment, dining and more. Not only does Live! Casino enhance the offerings already available at the property, but it will spur additional development on the campus and further solidify Westmoreland Mall as the retail, dining, and entertainment destination in the region."
    In preparation for its opening, Live! Casino has developed a comprehensive Play It Safe plan that allows for ample social distancing, reduced occupancies, and vigorous hygiene and health measures for all guests and Team Members. Key components include state-of-the-art air purification and slot management systems that guarantee 12 air changes per hour and freshly sanitized machines for every customer.
  • Y
    I am seeing an amended RSA the Wells Fargo admistrative agent will accepted.

    1 123M$ of secured senior loan unimpair, exchange for a 5 years term loan secured loan bearing 5% interest with more assets to secure it at 100% + a 5 years extension option, + 50M $ of cash at closure, amortization 50M$ per year, at the extension amortization at 75M$ per year;

    550M$ in new preferred shares in exchange for the 500M$ of notes and for the 50M$ in cash for the noteholders

    90% of the new equity in exchange of the 875M$ of notes

    10% of the new equity in exchange of preferred shares and common shares

    20% fully dilued equity in warrants in exchange of preferred shares and common shares

    2% fully dilued equity as MIP
  • Y
    The value of the preferred shares.

    200M common shares
    25M preferred shares

    ratio (common/preferred) = 8

    New common shares equity and warrants

    Worst case 50/50 preferred/ common = 1, then preferred shares value = 8 x 1 common share stock price = 8 x 1 x 0.07$ = 0.56$ per preferred

    Best case 95/5 preferred/ common = 11, then preferred share value = 8 x 11 common stock price = 8 x 11 x 0.07$ = 6.16$ per preferred
  • R
    It is encouraging that the insiders have not sold all their shares. They already know what the proposed percentage split will be, and that it’s high enough for them to hold on to their shares.
  • Y
    The RSA plan is not amended yet. It is speculation. When the RSA plan Will be amended CBl Will issued a press release
  • Y
    It is my opinion, with all information available, today the fair preferred stocks D and E price is over 3$ per pref.
  • J
    Just Me
    Hearing went well .. brought judge up to speed , discussed cash collateral, all attorneys on call discussed how wells was overreaching , and their pre bk actions (cbl attorney has know judge for “years” ) and how they are not entitled to professional fees
  • S
    Anytime I go to Hamilton Place Mall, it is very crowded and difficult to find a table in the food court. If CBL's other properties are doing as well, I don't know what the problem is.
  • B
    My take is that the bankruptcy court will allow a dividend payment to maintain RIET status if required. It is my opinion that anything the bankruptcy court does that would affect the RIET status would have devastating tax consequences and would probably move this from a chapter 11 to chapter 7 liquidation.
  • Y
    Docket 254

    Verified Statement of the Ad Hoc Noteholder Group Pursuant to Bankruptcy Rule 2019
    The most important holders in the group.

    The first one Namdar Realty is holding some preferred shares D and E. That group may has an interest to give the maximum to preferred shareholders over the common

    Namdar Realty Group holding:
    2023 Notes: $37,415,000.00
    Series D Preferred Stock: 125,731 shares
    Series E Preferred Stock: 280,074 shares

    Canyon Capital Advisors LLC holding:
    Revolver: $68,526,740.09
    2023 Notes: $104,838,000.00
    2024 Notes: $62,416,000.00
    2026 Notes: $82,627,000.00

    Cetus Capital LLC holding:
    Revolver: $10,000,000.00
    2023 Notes: $9,500,000.00
    2024 Notes: $13,838,000.00
    2026 Notes: $34,771,000.00

    Oaktree Capital Management, L.P. holding:
    Revolver: $50,073,664.00
    Term Loan: $3,776,371.00
    2023 Notes: $71,716,000.00
    2024 Notes: $38,053,000.00
    2026 Notes: $10,765,000.00

    Pacific Investment Management Company LLC holding:
    2023 Notes: $18,968,000.00
    2024 Notes: $27,260,000.00
    2026 Notes: $225,113,000.00

    REVOLVER: means the revolving loan facility in the aggregate maximum committed principal amount of $685 million where Wells Fargo Bank, National Association, as administrative agent, the lenders party thereto and certain other parties specified therein (the “First Lien Credit Agreement”).

    Term Loan means the term loan facility in the original aggregate principal amount of $500 million provided
    pursuant to the First Lien Credit Agreement where Wells Fargo Bank, National Association, as administrative agent,
  • c
    What's the current ratio of the number of all preferred shares versus all common shares pre-BK?
  • Y
    Wells Fargo Objection to use of cash collateral

    Wells Fargo claim the loans secured is highier than the properties properties value. Then CBL has no right to collect rents and used rents money.

    The problem is the 280M$ CBL retired in March from the secured line of credit.
    As later acknowledged by the Debtors, the draw was improper under the Credit Agreement and was the product of a false certification delivered to the Administrative Agent by the Debtors’ Chief Financial Officer. Id. at 13 (“In March 2020, the Company drew $280,000,000 from the secured line of credit …, which resulted in the Company violating this covenant. Violation of this covenant provides the lenders with the option to accelerate the maturity of the senior secured credit facility.”).

    I think, if CBL give back to Wells Fargo the 152M$ in U.S. Treasury securities or give it to secure the line of credit, that will resolved the senior secured lenders objection.

    CBL did not use that cash, it is freezed, the cash equivalent at Sepember 30, is 258M$. CBL has enough cash in hands with 106.8M$.

    Why CBL will not return the 152M$ in U.S. Treasury securities to the secured line of credit or give it as a collateral to the secured loans ?
  • J
    Just Me
    Return my cash !!! • Wells Fargo (NYSE:WFC), which is representing senior lenders that are owed ~$1B by CBL & Associates (NYSE:CBL), agreed to refrain from seizing rent payments owed by retailers to the mall owner while the two parties hash out the matter in bankruptcy court.
    • via Bloomberg.
    • A U.S. Bankruptcy judge signed a standstill order that required the bank to return any payments it may have received after Wells Fargo told some tenants to send it rent instead of CBL.
    • The bank has agreed not to take any further actions against properties that CBL has put as collateral until the judge makes a final ruling.
    • CBL is seeking from Judge David R. Jones a declaration to void and permanently block Wells Fargo from taking any actions that would interfere with CBL's reorganization efforts.
  • M
    Does anyone knows what it means for the common share holders? With the new plan? What about reit status?
  • t
    Now is the time to buy, up..up,...over $1 by Dec1
  • R
    PEI and WPG are recovering nicely today. Looks like they got their COVID treatment before CBL.
  • B
    My position is set. Low volume and on the pink sheets. There is no liquidity left in the preferred stock so I am just along for the ride now. It will be what it will be. FYI looks like there is a major short squeeze going on in PEI stock, my other long play. No matter what happens with CBL I am in the green.
  • J
    Just Me
    Here is why I think rsa goes thru.. co has $1.8b of NUBIL “142. I believe that, by establishing and implementing such Procedures, the Debtors will be in a position to object to any potential Ownership Change resulting from a transfer of beneficial ownership of Common Stock. It is critical for the Debtors to closely monitor any such activity involving the Common Stock, so that they may be in a position to act expeditiously to preserve the value of their Tax Attributes. Accordingly, I believe that the relief requested in the Tax Attributes Motion is in the best interests of the Debtors, their estates, and all other parties in interest and should be granted in all respects”
  • S
    I bought 14,900 shares at 0.09 in CBL before it stopped trading on my Brokerage (Stake)
    It's now listed under CBLAQ.

    Whenever market opens, I can't trade them. They're just there.

    Is it ever going to be tradeable again from the Brokerage?
  • J
    Just Me
    @yves I think there may be taxable income issue 2020 .. looking at EXecutive summary again I noticed 864m gain on debt extinguish (593m net ) how will they save reit status ? will this be a repeat of GGP where judge allow pref div ??