As Mall Owner Exits Bankruptcy, No One Knows What It’s Worth
- Washington Prime’s case seemed destined for valuation brawl
- Pandemic, retail woes muddied assesment of future fortunes
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When Washington Prime Group went bust in June, the mall operator’s bankruptcy judge was almost certain the case would culminate in a spreadsheet-ridden valuation brawl.
It was a surprise, then, when U.S. Bankruptcy Judge Marvin Isgur signed off on the real estate investment trust’s Chapter 11 exit plan on Friday without any creditors sniping over future cash flows, piecemeal asset sales or competing deals. His approval means investment firm SVPGlobal will swap its debt holdings for ownership of the company, and stock holders will even see a recovery, despite no one knowing quite what Washington Prime is worth.