LAKEWOOD, N.Y. (WIVB) — Washington Prime Group, the company that manages the Chautauqua Mall, is filing for Chapter 11 bankruptcy.
According to new information released this week, “Washington Prime Group has secured $100 million in new money debtor-in-possession financing from the Consenting Creditors.”
This will allow day-to-day business operations to continue as normal, without interruption. No patrons or stores in the mall should expect any changes.
“The Company’s financial restructuring will enable WPG to right size its balance sheet and position the Company for success going forward. During the financial restructuring, we will continue to work toward maximizing the value of our assets and our operating infrastructure. The Company expects operations to continue in the ordinary course for the benefit of our guests, tenants, vendors, stakeholders and colleagues.”Lou Conforti, CEO and director of Washington Prime Group