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Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note 15 – Subsequent Events

As discussions with the advisors to the consenting noteholders of the Notes and lenders under the Company’s secured credit facility continued, the Company elected to not make the $6,900 interest payment (the “2024 Notes Interest Payment”) due and payable on October 15, 2020, with respect to the Operating Partnership’s 4.60% senior unsecured notes due 2024 (the “2024 Notes”).  Under the indenture governing the 2024 Notes, the Operating Partnership has a 30-day grace period to make the 2024 Notes Interest Payment before the nonpayment is considered an “event of default” with respect to the 2024 Notes. Any event of default under the 2024 Notes for nonpayment of the 2024 Notes Interest Payment would also be considered an event of default under the Operating Partnership’s senior secured credit facility which could lead to an acceleration of amounts due under the facility; however, as discussed in Note 8 – Mortgage and Other Indebtedness, Net, obligations under the secured credit facility have been accelerated based on the events of default previously asserted by the Administrative Agent under the secured credit facility, which the Company continues to dispute. Further, if the trustee for the 2024 Notes should exercise its right to accelerate the maturity of the full balance owed on the 2024 Notes as a result of such an “event of default,” that would also constitute an “event of default” under the 2023 Notes and the 2026 Notes, which could lead to the acceleration of all amounts due under those notes.

The maturity date of the loan secured by the Shoppes at Eagle Point, LLC that was scheduled to mature in October 2020 was extended to October 2021 with one one-year extension option, at the joint venture’s election, for an outside maturity date of October 2022.

As described in Note 7 – Unconsolidated Affiliates and Noncontrolling Interests, the loan secured by Oak Park Mall was in default at September 30, 2020. In October 2020, Oak Park Mall, LLC entered into a forbearance agreement with the lender. Pursuant to the terms of the forbearance agreement, all interest payments from June 2020 through November 2020 were deferred. The loan will be interest only through November 1, 2022; however, beginning on September 1, 2021 and continuing through November 1, 2022, the deferred interest is to be made in equal monthly installments in addition to the scheduled interest payments. Beginning December 1, 2022, Oak Park Mall, LLC is to begin making full monthly payments of principal and interest. Oak Park Mall, LLC executed a deed-in-lieu of foreclosure, along with other transfer documents, for the benefit of the lender, which were placed in escrow. In the event Oak Park Mall, LLC fails to make any of the required payments under the forbearance agreement, lender can exercise its rights to receive the deed-in-lieu and other transfer documents from escrow.

On November 2, 2020, NYSE announced that it has suspended trading in the Company’s stock due to “abnormally low” trading price levels and had determined to commence proceedings to delist the Company’s common stock and the depositary shares representing fractional interests in its Series D Preferred Stock and Series E Preferred Stock. For more information, see “Listing Criteria” in Note 1 – Organization and Basis of Presentation.

The maturity date of the loan secured by Ambassador Infrastructure, LLC that was scheduled to mature in October 2020 was extended to January 2021.

 

Chapter 11 Proceedings

As described further in Note 1 – Organization and Basis of Presentation, beginning on the Commencement Date, the Debtors commenced the Chapter 11 Cases by filing voluntary petitions for reorganization under Chapter 11 with the Bankruptcy Court.