Chattanooga-based CBL stocks are back listed on the New York Stock Exchange

This story was updated with additional information on Wednesday, October 27, 2021 at 4:50 PM

CBL Properties will trade again next week on the New York Stock Exchange as the Chattanooga-based mall developer emerges from bankruptcy reorganization.

CBL announced on Wednesday that it would appear on the New York Stock Exchange again next Tuesday under the symbol CBL. The company plans to come out of its bankruptcy reorganization Monday, a year after CBL filed a Chapter 11 petition with the US bankruptcy court in Texas to reorganize its finances in the wake of store closures and lease cancellations amid the coronavirus pandemic.

Earlier this week, CBL announced a new board of directors for the company, although Stephen Lebovitz will remain CEO and board member and his father, company founder Charles B. Lebovitz, will serve on the board of directors and as company director in his new role. as chairman emeritus.

“We will work diligently to finalize these complex transactions to emerge on Nov. 1 as a revived company with a bright future,” said CBL president Stephen Lebovitz after federal court ordered the reorganization and bankruptcy of CBL in August. CBL had approved. “As we have always said, we are confident that this path will allow us to emerge stronger with a more flexible capital structure.”

The New York Stock Exchange (NYSE) suspended trading of CBL common and preferred stock on Nov. 2, 2020, and announced that the Big Board would delist CBL’s stock from the NYSE after the company’s stock plummeted following its bankruptcy filing.

CBL’s common stock now trades on the OTC Bulletin Board, or “pink sheets,” under the ticker CBLAQ.

Shares of CBL’s common stock on the OTC bulletin board debuted at 16 cents a share and fell just 2 cents a share before rising again, closing Wednesday at $7.60 a share, up 4.1% in trading Wednesday after the share announcement.

Under CBL’s restructuring plan, current common and preferred shareholders will receive up to 11% of the common stock in the newly reorganized company.

CBL Properties, headquartered in Chattanooga, owns and manages a national portfolio of retail properties with 63.9 million square feet of 105 properties in 24 states, including Hamilton Place and Northgate shopping centers in Chattanooga.

Contact Dave Flessner at [email protected] or at 423-757-340