Mall owner CBL & Associates Properties Inc. said it failed to make an interest payment of $11.8 million to bondholders on Monday, becoming the first major retail landlord during the coronavirus pandemic to take this step toward a bond default. The missed interest payment kicks off a 30-day grace period before a debt default becomes official. CBL said in a public filing on Tuesday that it missed the payment “in order to advance discussions with its lenders and explore alternative strategies.”...

Source: Wall Street Journal June 02, 2020 21:43 UTC