WPG delists from the New York Stock Exchange

Major mall owner Washington Prime Group has announced it will voluntarily delist its shares from the New York Stock Exchange at the end of the month.

Because WPG’s common and preferred stock will no longer be publicly held in the anticipated Chapter 11 emergence, management believes that the costs and expenses associated with continuing to list the shares are not economically justified, a press release said. .

Before filing for bankruptcy protection, WPG had entered into a restructuring support agreement with creditors who own approximately 73% of the principal of its secured corporate debt and 67% of its unsecured bonds. It expects that the restructuring of its debt will strengthen its business.

The restructuring agreement reported by WPG in June provided the company with a four-year extension of its remaining credit facility and is considering a $325 million share rights offering with SVP Global as the plan’s sponsor.

The company stated that it has no intention of listing its shares on any other exchange, nor does it intend to list its shares on an over-the-counter market.

WPG was created in 2014 from a real estate spin-off by Simon Property Group. After the acquisition of Glimcher Realty in 2015, the portfolio expanded to more than 100 malls and shopping centers with major concentrations in the Midwest, the Northeast, Texas and Florida.