Inside INdiana Business

Report: Mall owner preparing for bankruptcy

Clay Terrace in Carmel is owned by Washington Prime Group. (photo courtesy of Clay Terrace)

COLUMBUS, Ohio (Inside INdiana Business) — The owner of several Indiana shopping centers, including Clay Terrace in Carmel and Muncie Mall, is reportedly preparing to file for bankruptcy. Bloomberg reports Ohio-based Washington Prime Group (NYSE: WPG) is looking to avoid a default after skipping an interest payment on its debt.

Bloomberg cites sources who say the real estate investment trust’s negotiations with lenders are faltering, though plans to file for Chapter 11 bankruptcy protection are not finalized. Washington Prime has stated in the past the pandemic could affect its ability to meet the requirements of its agreement with lenders.

Washington Prime owns 12 properties in Indiana, including Markland Mall in Kokomo, Greenwood Plus and University Center in Mishawaka. 

You can read the full report from Bloomberg by clicking here.