Bloomberg

Washington Prime Lenders Spar Over Assets as Talks Drag On

(Bloomberg) — Washington Prime Group Inc.’s creditors are having difficulty advancing discussions over a planned Chapter 11 filing as groups tussle over dividing the mall owner’s assets, according to people familiar with the talks.The slow talks have sparked several deadline extensions — the latest announced Wednesday — with sticking points including creditors’ rights to assets that aren’t already being used as collateral for Washington Prime’s debt, the people said, asking not to be named discussing a private matter. The company on Monday reported a $55 million loss for the three months through March 31.At issue is the division of new equity, debt and cash each lender group would receive from the bankruptcy plan, the people said.

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