Washington Prime Group, Inc.
|Company Name||Washington Prime Group, Inc.|
On February 16, 2021, WPG disclosed that its operating partnership, Washington Prime Group, L.P. ("WPG L.P."), had "elected to withhold an interest payment of $23.2 million due on February 15, 2021 with respect to WPG L.P.'s outstanding Senior Notes due 2024," and that "WPG L.P. has a 30-day grace period to make the interest payment before such non-payment constitutes an 'event of default.'" The Company further advised that, in an event of default, certain counterparties to the senior notes "could accelerate the outstanding indebtedness due . . . making such indebtedness due and payable, which would result in a cross-default with respect to some of WPG L.P.'s or the Company's other indebtedness."
On this news, the Company’s stock price fell $4.59, or 38%, to close at $7.49 per share on February 16, 2021, thereby injuring investors.
Then, on March 4, 2021, Bloomberg reported that WPG “is preparing a potential bankruptcy filing as time runs out to avert default after it skipped an interest payment on its debt, according to people with knowledge of the plans.”
On this news, the Company’s stock price fell $3.77, or 60%, to close at $2.51 per share on March 4, 2021, thereby injuring investors further.
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