CBL & Associates (CBL) misses interest payment on senior notes.

In an 8K filing today, CBL & Associates Properties, Inc. (CBL) announced that it would not make a scheduled interest payment on its 5.25% senior notes due 2023.  The company also said that it has a 30-day grace period to make the interest payment, prior to an event of default.

Earlier this year, CBL engaged Weil, Gotshal & Manges and Moelis & Company to act as advisors with respect to restructuring its debt obligations.  CBL said its advisors are currently in discussions with representatives of the bank group as well as certain of the bondholders.

Established in 1978 and taken public in 1993, CBL & Associates Properties, Inc. (CBL) owns and manages a portfolio of 108 regional mall and open-air shopping centers in the Southeastern U.S.