Southern Park Mall owner reports coming out of bankruptcy; CEO resigns
BOARDMAN, Ohio (WKBN) – The company that owns the Southern Park Mall has said it came out of Chapter 11 bankruptcy as the company’s CEO resigned.
In March, Washington Prime announced that it was restructuring its debts to avoid bankruptcy. The company at the time said its debt stood at $ 111 million.
Washington Prime Group Inc. says each of its debtor subsidiaries has completed their financial restructuring, wiping out nearly $ 1 billion in existing debt.
Washington Prime Group will operate as a private holding company, majority owned by SVPGlobal.
Meanwhile, Lou Conforti is leaving his post of Managing Director.
Mark Yale, executive vice president and chief financial officer of Washington Prime Group, and Josh Lindimore, executive vice president and head of leasing, will serve as interim co-CEOs.
Conforti has issued the following statement on this matter.
The relatively rapid financial restructuring of WPG is the result of the unwavering focus of my colleagues and SVPGlobal, our financial partner who shares our passion for the industry in which we operate. SVPGlobal recognizes the value of our brand, the potential of our assets and, just as important, our people, in business and in the field. As WPG emerges from bankruptcy, the time has come for me to step down from my role as CEO and move into an advisory role. It’s a “new beginning” for WPG and myself. I have enjoyed running this organization and wish it every success.