Promenade owner may have to file for bankruptcy due to pandemic

The owner of the Promenade in D’Iberville and more than 100 other shopping centers and malls may be forced to declare Chapter 11 bankruptcy because of the coronavirus.

According to our media partner, the Sun Herald, CBL and Associates Properties, based in Chattanooga, Tennessee, indicated in recent filings with the Securities and Exchange Commission that it collected rent from only about one-quarter of its tenants during the coronavirus shutdown.

During April, CBL collected 27 percent of the rents and estimated May rent collections would be only 25 to 30 percent.

Without those rent payments, CBL was unable to make an $11.3 million interest payment on June 1^st or by the month-long grace period on June 30^th.

The company said in June there was ‘substantial doubt’ it will continue to operate as a growing concern.