8-K
CBL & ASSOCIATES PROPERTIES INC (CBL)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 5, 2021
CBL & ASSOCIATES PROPERTIES, INC.
CBL & ASSOCIATES LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 1-12494 | 62-1545718 |
|---|---|---|
| Delaware | 333-182515-01 | 62-1542285 |
| (State or Other Jurisdiction of<br><br><br>Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
2030 Hamilton Place Blvd., Suite 500, Chattanooga, TN 37421-6000
(Address of principal executive office, including zip code)
423-855-0001
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered under Section 12(b) of the Act:
| Title of each Class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.01 par value | CBLAQ | * |
| 7.375% Series D Cumulative Redeemable Preferred Stock, $0.01 par value | CBLDQ | * |
| 6.625% Series E Cumulative Redeemable Preferred Stock, $0.01 par value | CBLEQ | * |
*On November 2, 2020, the NYSE announced that (i) it had suspended trading in the Company’s stock and (ii) it had determined to commence proceedings to delist the Company’s common stock, as well as the depositary shares each representing a 1/10^th^ fractional share of the Company’s 7.375% Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) and the depositary shares each representing a 1/10^th^ fractional share of the Company’s 6.625% Series E Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”), due to such securities no longer being suitable for listing based on “abnormally low” trading price levels, pursuant to Section 802.01D of the NYSE Listed Company Manual.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 7.01 Regulation FD Disclosure
As previously disclosed, beginning on November 1, 2020, CBL & Associates Properties, Inc. (the “REIT”), CBL & Associates Limited Partnership (the “Operating Partnership”), the majority owned subsidiary of the REIT (collectively, the Operating Partnership and the REIT are referred to as the “Company”), and certain of its direct and indirect subsidiaries filed voluntary petitions (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). During the pendency of the Chapter 11 Cases, the Company is operating its business as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code.
In connection with the Chapter 11 Cases, on April 15, 2021, the Company filed an amended Chapter 11 plan of reorganization (the “Proposed Plan”) and accompanying disclosure statement (the “Proposed Disclosure Statement”) with the Bankruptcy Court to implement the restructuring transactions set forth in the Proposed Plan. On May 5, the Company filed certain liquidation analysis (“Liquidation Analysis), valuation analysis (“Valuation Analysis”) and financial projections (“Financial Projections”), as exhibits to the previously filed Proposed Disclosure Statement. The Liquidation Analysis, Valuation Analysis and Financial Projections are attached as Exhibit 99.1, 99.2 and 99.3, respectively, to this Current Report on Form 8-K.
The information in this Item 7.01, including Exhibits 99.1, 99.2 and 99.3, includes certain financial projections which were not prepared with a view toward public disclosure or compliance with published guidelines of the Securities and Exchange Commission or the guidelines established by the American Institute of Certified Public Accountants regarding projections or forecasts. While presented with numerical specificity, the financial projections are approximations based upon a variety of estimates and assumptions subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond the Company’s control. Actual results may vary materially from those presented. The financial projections have not been audited and are not presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Although the Company has prepared the financial projections in good faith and believe the assumptions to be reasonable, there can be no assurance that such assumptions and results will be realized. As described in detail in the Proposed Disclosure Statement, a variety of risk factors could affect the Company’s financial results and must be considered. Accordingly, the financial projections should be reviewed in conjunction with the risk factors set forth in the Proposed Disclosure Statement and the assumptions described herein, including all relevant qualifications and footnotes.
The Company intends to seek the Bankruptcy Court’s approval of the Proposed Disclosure Statement and confirmation of the Proposed Plan. There can be no assurances that the Company will obtain the Bankruptcy Court’s approval of the Proposed Disclosure Statement and/or confirmation of the Proposed Plan, or that if the Proposed Plan is approved, that the reorganization of the Company will be successfully implemented as contemplated by the Proposed Plan. This Current Report on Form 8-K is not a solicitation of votes to accept or reject the Proposed Plan or an offer to sell or exchange securities of the Company. Any solicitation of votes or offer to sell or exchange or solicitation of an offer to buy or exchange any securities of the Company will be made only pursuant to and in accordance with the Proposed Disclosure Statement following approval by the Bankruptcy Court. The Proposed Disclosure Statement does not constitute legal, business, financial or tax advice.
The information disclosed in this Item 7.01, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such a filing.
This communication contains forward-looking statements, including, in particular, statements about the terms and the provisions of the Proposed Plan and the contemplated chapter 11 reorganization. These statements are based on the Company’s current assumptions, expectations and projections about future events. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that the expectations will prove to be correct.
ITEM 9.01 Financial Statements and Exhibits
| (a) | Financial Statements of Businesses Acquired |
|---|
Not applicable
| (b) | Pro Forma Financial Information |
|---|
Not applicable
| (c) | Shell Company Transactions |
|---|
Not applicable
| (d) | Exhibits |
|---|---|
| Exhibit<br><br><br>Number | Description |
| --- | --- |
| 99.1 | Liquidation Analysis filed with the Bankruptcy Court on May 5, 2021. |
| 99.2 | Financial Projections filed with the Bankruptcy Court on May 5, 2021. |
| 99.3 | Valuation Analysis filed with the Bankruptcy Court on May 5, 2021. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CBL & ASSOCIATES PROPERTIES, INC. | |
|---|---|
| /s/ Farzana Khaleel | |
| Farzana Khaleel | |
| Executive Vice President - | |
| Chief Financial Officer and Treasurer | |
| CBL & ASSOCIATES LIMITED PARTNERSHIP | |
| --- | --- |
| By: CBL HOLDINGS I, INC., its general partner | |
| /s/ Farzana Khaleel | |
| Farzana Khaleel | |
| Executive Vice President - | |
| Chief Financial Officer and Treasurer | |
| Date: May 6, 2021 |
cbl-ex991_25.htm
Exhibit 99.1
Exhibit D
Liquidation Analysis
LIQUIDATION ANALYSIS
CBL & Associates Properties, Inc., et al.
Overview
Under the “best interests” of creditors test set forth in section 1129(a)(7) of the Bankruptcy Code, the Bankruptcy Court may not confirm a plan of reorganization unless the plan provides that each holder of a Claim or Interest who does not otherwise vote in favor of the plan “will receive or retain under the plan on account of such claim or interest property of a value, as of the Effective Date of the plan, that is not less than the amount that such holder would so receive or retain if the debtor were liquidated under chapter 7” of the Bankruptcy Code. To demonstrate that the proposed Plan satisfies the “best interests” of creditors test, CBL & Associates Properties, Inc., et al., as debtors and debtors in possession (collectively, the “Debtors” or the “Company”), with the assistance of the Debtors’ management and other advisors, have prepared the following hypothetical Liquidation Analysis (the “Liquidation Analysis”), which is based upon certain assumptions discussed in the Disclosure Statement and in the accompanying notes to the Liquidation Analysis. As reflected in more detail in the Liquidation Analysis, the Debtors believe that the value of the distributions provided to each Holder of Allowed Claims under the Plan would not be less than the value of such distributions under a hypothetical chapter 7 liquidation, and the Plan therefore satisfies the “best interests” test with respect to each of the Debtors.
This Liquidation Analysis^1^ has been prepared assuming that the Debtors hypothetically convert these chapter 11 cases to a liquidation under chapter 7 of the Bankruptcy Code as of June 30, 2021 (the “Conversion Date”). Except as otherwise noted herein, the values reflected in this Liquidation Analysis are based upon the Debtors’ unaudited books and records as of February 28, 2021 with the exception of unrestricted cash, which has been rolled forward to the Conversion Date based on the current cash collateral budget. Such values are assumed to be representative of the Debtors’ assets and liabilities as of the Conversion Date. This Liquidation Analysis also assumes that the Bankruptcy Court would appoint a chapter 7 trustee (the “Trustee”) on the Conversion Date to oversee the forced liquidation of the Debtors’ bankruptcy estates (the “Estates”), during which time substantially all of the Debtors’ assets would be sold, abandoned, surrendered, or otherwise liquidated, as applicable, and the Cash proceeds, net of liquidation-related costs, would then be distributed in accordance with applicable law. In addition, it is assumed that all Debtors and their non-Debtor subsidiaries would undertake parallel liquidations, whereby the proceeds of such liquidations are, in turn, distributed in accordance with the priority of Claims and Interests on an entity-by-entity basis for the Debtors. However, for the avoidance of doubt, this Liquidation Analysis only reflects Debtor entities that contain both assets and liabilities and does not reflect any Debtor entities where liabilities do not currently sit, including any “pass through” entities. This Liquidation Analysis assumes that the Debtors would be liquidated in a jointly-administered case, but each Debtor is treated as an independent legal entity without substantive consolidation.
| ^1^ | Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Plan or Disclosure Statement, as applicable. |
|---|
It is further assumed that the Trustee would retain, among other professionals, legal counsel and a financial advisor, and employ or otherwise retain certain of the Debtors’ current employees to wind down the Debtors’ affairs.
All of the limitations and risk factors set forth in the Disclosure Statement are applicable to this Liquidation Analysis and are incorporated herein by reference. In particular, the underlying financial information in the Liquidation Analysis has not been examined or reviewed by independent accountants in accordance with standards promulgated by the American Institute of Certified Public Accountants. The Liquidation Analysis presents estimated chapter 7 liquidation proceeds based on the assumptions and estimates of Debtors’ management relating to the proceeds estimated to be received from the forced liquidation of the assets, less the costs incurred during the liquidation. Except as otherwise noted herein, the amounts referenced as “Book Value” in the Liquidation Analysis are based on the Debtors’ balance sheet as of February 28, 2021, and therefore reflects book value, and not an estimate of what could be realized in a chapter 7 liquidation (or otherwise). Accordingly, there can be no assurance that the results set forth in this Liquidation Analysis would be realized if the Debtors were actually liquidated pursuant to chapter 7 of the Bankruptcy Code, and actual results in such a proceeding could vary materially from those presented herein. Moreover, distributions available to holders of Claims and Interests could differ materially from the projected recoveries set forth in this Liquidation Analysis.
THIS LIQUIDATION ANALYSIS IS A HYPOTHETICAL EXERCISE THAT HAS BEEN PREPARED FOR THE SOLE PURPOSE OF PRESENTING A REASONABLE, GOOD FAITH ESTIMATE OF THE PROCEEDS THAT WOULD BE REALIZED IF THE DEBTORS WERE LIQUIDATED IN ACCORDANCE WITH CHAPTER 7 OF THE BANKRUPTCY CODE AS OF THE CONVERSION DATE. THIS LIQUIDATION ANALYSIS IS NOT INTENDED AND SHOULD NOT BE USED FOR ANY OTHER PURPOSE. THIS LIQUIDATION ANALYSIS DOES NOT PURPORT TO BE A VALUATION OF THE DEBTORS’ ASSETS AS A GOING CONCERN AND THERE MAY BE A SIGNIFICANT DIFFERENCE BETWEEN THE VALUES AND RECOVERIES REPRESENTED IN THIS LIQUIDATION ANALYSIS AND THE VALUES THAT MAY BE REALIZED OR CLAIMS GENERATED IN AN ACTUAL LIQUIDATION.
NOTHING CONTAINED IN THIS LIQUIDATION ANALYSIS IS INTENDED TO BE, OR CONSTITUTES, A CONCESSION, ADMISSION, OR ALLOWANCE OF ANY CLAIM BY THE DEBTORS. THE ACTUAL AMOUNT OR PRIORITY OF ALLOWED CLAIMS IN THESE CHAPTER 11 CASES COULD MATERIALLY DIFFER FROM THE ESTIMATED AMOUNTS SET FORTH AND USED IN THIS LIQUIDATION ANALYSIS. THE DEBTORS RESERVE ALL RIGHTS TO SUPPLEMENT, MODIFY, OR AMEND THE ANALYSIS SET FORTH HEREIN.
Basis of Presentation:
The actual amount and/or priority of Claims allowed against the Estates may differ from the Claim amounts used in this Liquidation Analysis. As noted above, this Liquidation Analysis is based on the Debtors’ books and records as of February 28, 2021,^^ except where otherwise indicated, and the actual value of assets available for distribution in the event of an actual liquidation may differ materially from the assets assumed to be available
pursuant to this Liquidation Analysis.
As discussed above, the following analysis was done at each Debtor entity. Only entities with assets that generate recoveries for their creditors are considered relevant for this analysis. A list of unscheduled entities is attached to this Liquidation Analysis.
In order to determine whether the Plan satisfies the “best interests” of the creditors test, the first step is to recognize the total proceeds from the liquidation of the Debtors’ assets in the context of the chapter 7 bankruptcy cases. The Debtors’ gross assets are comprised of the sum of (1) the proceeds from the disposition of the Debtors’ assets and (2) forecasted cash balances held by the Debtors at the end of the liquidation process. This aggregate number will then be reduced by the amount of any Claims secured by the Estates’ assets, the costs and expenses of the liquidation, and additional administrative expenses that may result from the termination of the Debtors’ businesses and liquidation thereof. Any remaining net cash would be allocated to creditors and shareholders in strict priority in accordance with Section 726 of the Bankruptcy Code. For purposes of this Liquidation Analysis, it is assumed that the Debtors’ assets are liquidated for the benefit of the Debtors’ creditors. A summary of the assumptions used by the Debtors’ management and advisors in preparing this Liquidation Analysis is provided below.
Notes & Assumptions:
This Liquidation Analysis should be read in conjunction with, and is qualified in its entirety by, the following notes and assumptions:
| a. | Chapter 7 Process and Duration. |
|---|---|
| i. | On the Conversion Date, it is assumed that the Trustee would begin to liquidate the Debtors’ assets, during which time all of the Debtors’ assets would be sold or surrendered to the respective lien holders, and the cash proceeds, net of liquidation-related costs, would then be distributed to creditors in accordance with the priority scheme under section 726 of the Bankruptcy Code. Under section 704 of the Bankruptcy Code, a Trustee must, among other duties, collect and convert property of the Debtors as expeditiously as is compatible with the best interests of parties in interest, which could result in potentially distressed recoveries. |
| --- | --- |
| ii. | The Liquidation Analysis assumes a nine (9) month wind-down process from the Conversion Date to conduct a forced sale of substantially all of the Debtors’ assets. There can be no assurance that the liquidation would be completed within this limited time frame, nor is there any assurance that the recoveries assigned to the assets would in fact be realized. This process includes, among other things, liquidating assets/properties, collecting receivables, and arranging for distributions of available proceeds following the liquidation process. Further, the Trustee would need to wind-down the rest of the Estates which may take an additional 1-2 years depending on potential litigation claims. It is also likely to assume for purposes of this Liquidation Analysis that non-Debtor entities and their assets would have to be sold and monetized during this period, so the Trustee would also incur administrative expenses, such as payroll, certain overhead, and professional expenses reasonably required to complete the wind-down of the Estates. |
| --- | --- |
| b. | Additional Claims. |
| --- | --- |
| i. | The cessation of business in a chapter 7 liquidation could potentially cause additional Claims to be asserted against the Estates that otherwise may not exist absent such a liquidation. Examples of these kinds of Claims include employee-related Claims, tax liability Claims, superpriority adequate protection Claims, rejection damages Claims and litigation Claims. These additional Claims could be significant and, in certain circumstances, may be allowed as administrative expenses or priority unsecured claims under the Bankruptcy Code. While the Debtors have made a good faith estimate of Claims in this hypothetical Liquidation Analysis, the Claims assumed herein may vary from actual asserted Claims. |
| --- | --- |
| c. | Avoidance Actions and Litigation. |
| --- | --- |
| i. | No recovery or related litigation costs attributable to any potential avoidance actions under the Bankruptcy Code, including potential preference or fraudulent transfer actions, are included in this Liquidation Analysis. In addition, this Liquidation Analysis does not consider any additional recovery or Claims that may arise from the outcome of current or potential actions by or against the Debtors. The Debtors believe that recoveries from such actions or litigation, if any, would be speculative in nature and are therefore not presented herein. |
| --- | --- |
Specific Notes to the Liquidation Analysis:
The major assumptions utilized by the Debtors in preparing the Liquidation Analysis are outlined below. The chapter 7 liquidation period is assumed to commence on June 30, 2021, and the monetization of assets is assumed to last nine (9) months following the appointment of the Trustee. Recoveries to creditors are presented on an undiscounted basis. For purposes of this analysis, recoveries were estimated based on the Debtors’ estimated book asset balances as of February 28, 2021, with certain pro forma adjustments highlighted below.
| A. | Estimate of Proceeds |
|---|---|
| 1. | Land, Building & Improvements (Net): |
| --- | --- |
| i. | Recoveries related to Land, Building & Improvements are net of depreciation and amortization and range from $1.1 billion to $1.3 billion. |
| --- | --- |
| ii. | When factoring in FY21 projected net operating income and capitalization rate assumptions from various third-party valuations, recoveries on a consolidated basis range from 46.0% to 51.4% of book value. |
| --- | --- |
| 2. | Developments in Progress: |
| --- | --- |
| i. | Developments in progress reflect partially completed projects. Due to projects not being fully complete, the assumed recovery on the Conversion Date ranges from 60.0%-70.0%. |
| --- | --- |
| 3. | Cash and Cash Equivalents: |
| --- | --- |
| i. | Cash and Cash Equivalents consists of all cash in banks or operating accounts as of February 28, 2021, and accounts for future cash flows generated at the Properties. |
| --- | --- |
| ii. | Cash balances are rolled forward from February 28, 2021 through the Conversion Date which generates $38 million. |
| --- | --- |
| iii. | Once liquidation begins, cash balances at the Properties are rolled forward for the nine (9) month liquidation period and produce an additional $93 million in cash flow net of obligated capital expenditures. |
| --- | --- |
| iv. | The Debtors’ estimated balance of unrestricted cash at the conclusion of the liquidation is approximately $465 million. The projected cash balance reflects operations through the Conversion Date and nine (9) month liquidation period. |
| --- | --- |
| v. | Cash is expected to be fully recoverable and is presented at the entity specific to the property in which the cash is generated. The cash recovered may be materially different if financial institutions have rights of offset against cash. |
| --- | --- |
| vi. | This analysis assumes total Cash and Cash Equivalents of $465 million which includes $233 million of United States Treasuries. |
| --- | --- |
| 4. | Tenant Receivables: |
| --- | --- |
| i. | All tenant receivables owned by the Debtors on a consolidating basis are held by the Debtors’ subsidiary entities. These receivables include, but are not limited to, percent rent, straight-line rent, tenant deferral related to COVID-19, and accrued year end billings. Straight-line rent has an estimated recovery of 0.0% and the net recovery for these assets range between 37.0%-42.0%. |
| --- | --- |
| 5. | Outstanding Receivables: |
| --- | --- |
| i. | Outstanding receivables include, but are not limited to, insurance claims, receivables related to management fees, and state taxes. Estimated recovery for these assets range between 40.0% and 50.0%. |
| --- | --- |
| 6. | Mortgage and Other Notes Receivable: |
| --- | --- |
| i. | Mortgage and Other Notes Receivable include, but are not limited to, notes receivable, mortgage escrows for ground rent, insurance, debt service and tenant allowances. Estimated recovery for these assets range between 85.0% and 90.0%. |
| --- | --- |
| 7. | Investments in Unconsolidated Affiliates: |
| --- | --- |
| i. | Investments in unconsolidated affiliates are accounted for using the equity method of accounting and are reflected in the consolidated balance sheets. Assumed recovery rates range from 0.0% to 1.5%. |
| --- | --- |
| 8. | Intangible Lease Assets and Other Assets: |
| --- | --- |
| i. | Intangible lease assets and other assets primarily include prepaid services or deposits, IT hardware, IT software and deferred financing costs. The effect of a chapter 7 liquidation, and the costs that would have to be incurred in order to monetize these assets, would |
| --- | --- |
| adversely impact the recovery on these assets to the detriment of the Estates. As such, the estimated recovery ranges from 2.5% to 5.0%. | |
| --- | |
| 9. | Non-Debtor Assets: |
| --- | --- |
| i. | Property Specific - Non-CMBS Properties |
| --- | --- |
| 1. | Property-Level Loans that are not associated with the First Lien Credit Agreement and not associated with CMBS Properties (the “Non-CMBS Properties”) are paid out by recoverable assets and distributed based on priority of the Claim. The Liquidation Analysis assumes that Property-Level Loan lenders who have deficiency claims will assert the full amount of their loan balance against the guarantor on such loans.^2^ It is assumed any estimated excess funds are sent to the parent entity, the guarantor or the entity holding any intercompany Claims. This is reflected as dividends from non-Debtor subsidiaries and recovery on non-Debtor intercompany claims in the following exhibits attached to this Liquidation Analysis. |
| --- | --- |
| ii. | CMBS Properties |
| --- | --- |
| 1. | Loans related to CMBS properties (the “CMBS Properties”) are assessed at the entity level where recoverable assets are distributed to entity level Claims based on priority. This Liquidation Analysis assumes that Property-Level Loan lenders who have deficiency claims will assert the full amount of their loan balance at the guarantor level.^3^ It is assumed that any estimated excess funds are sent to the parent, the guarantor or the entity holding the intercompany Claim. CMBS Properties are assumed to be liquidated net of brokerage costs but not burdened with the costs associated with the chapter 7 liquidation. This is reflected as dividends from non-Debtor subsidiaries and recovery on non-Debtor intercompany claims in the following exhibits attached to this Liquidation Analysis. |
| --- | --- |
| iii. | Total Non-Debtor Recoveries |
| --- | --- |
| 1. | Based on the aforementioned assumptions above, total net recovery from non-Debtor to Debtor entities is estimated at $126 million to $163 million. |
| --- | --- |
| B. | Deductions from Gross Proceeds |
| --- | --- |
| 1. | Costs to Liquidate Real Estate Assets: |
| --- | --- |
| i. | In addition to professional fees related to the chapter 7 cases, as the Estates monetize real estate assets, additional fees will occur due to, among others, various real estate brokers, lawyers, and asset managers, responsible for finalizing the sale/liquidation of each |
| --- | --- |
| ^2^ | For the avoidance of doubt, the Debtors reserve all rights with respect to the amount of deficiency Claims, if any, that may be asserted against a guarantor. Nothing herein shall constitute an admission with respect to any legal argument relating to such Claims. |
| --- | --- |
| ^3^ | For the avoidance of doubt, the Debtors reserve all rights with respect to the amount of deficiency Claims, if any, that may be asserted against a guarantor. Nothing herein shall constitute an admission with respect to any legal argument relating to such Claims. |
| --- | --- |
| property. Based on the Debtors’ historical asset sale costs, the estimated cost per real estate asset sale is 6% of sale proceeds inclusive of broker fees, legal fees and additional fees associated with these transactions. | |
| --- | |
| 2. | Chapter 7 Trustee Fees: |
| --- | --- |
| i. | Pursuant to sections 326 and 330 of the Bankruptcy Code, the Bankruptcy Court may allow reasonable compensation for the Trustee’s services, not to exceed 25% on the first $5,000 or less, 10% on any amount in excess of $5,000 but not in excess of $50,000, 5% on any amount in excess of $50,000 but not in excess of $1 million, and reasonable compensation not to exceed 3% of such moneys in excess of $1 million, upon all moneys disbursed or turned over in the chapter 7 cases by the Trustee to parties in interest. For purposes of this Liquidation Analysis, these fees are estimated to be 3% of liquidation proceeds realized not including cash on hand. |
| --- | --- |
| 3. | Other Professional Fees: |
| --- | --- |
| i. | Pursuant to section 726 of the Bankruptcy Code, the allowed administrative expenses incurred by the Trustee, including expenses affiliated with selling/liquidating the Debtors’ assets and winding down operations, will be entitled to payment in full prior to any distribution to Administrative Claims and Other Priority Claims. This Liquidation Analysis estimates professional fees to be approximately $55 million on the high recovery and $65 million on the low recovery, which is based on expected fees and expenses of legal, financial, and other professionals as well as the complexity of the Debtors’ liquidation and wind-down, which may include extensive third-party litigation that the Estates may need to defend and pursue for purposes of settling Claim amounts and monetizing assets. |
| --- | --- |
| 4. | Operating Wind-Down Costs: |
| --- | --- |
| i. | Wind-down costs are assumed to consist primarily of the ordinary course general and administrative costs that will be required to operate the Debtors’ businesses during the nine (9) month liquidation process and during the wind down of the Debtors’ Estates thereafter which is expected to be the minimal amount of time required to expeditiously wind down the Estates. |
| --- | --- |
| ii. | The Liquidation Analysis estimates wind-down costs, in the aggregate, of approximately $65 million. This figure is comprised of corporate payroll, benefits & office expenses over the nine (9) month wind-down and additional time the Trustee would need to wind down the rest of the Debtors’ Estates (estimated at 1-2 years). This does not include property-related costs which are offset by Property level cash flows referenced in Section (A)(3) above. Moreover, this amount represents approximately 3% of gross liquidation proceeds. To maximize recoveries on the Debtors’ assets, minimize the amount of Claims, and generally ensure an orderly chapter 7 liquidation, it is assumed that the Trustee will continue to employ or otherwise retain a limited number of the Debtors’ employees for a limited amount of time during the liquidation process to assist with, among other things, vacating all of the Properties, the sale of any Properties, finalization of employee benefit matters, cash collections, payroll and tax reporting, accounts payable and other books and records, and responding to certain legal matters related to the wind-down of the Debtors’ affairs. Other costs include, without limitation, overhead expenses |
| --- | --- |
| for the owned parcels of real estate pending the sales of those assets in the chapter 7 liquidation and document retention and destruction. | |
| --- | |
| C. | Distribution of Proceeds |
| --- | --- |
The costs, expenses, fees and any other Claims that may arise and constitute necessary costs and expenses in the event of a liquidation would be paid in full from the liquidation proceeds before the balance of those proceeds would be made available to holders of Unsecured Claims.
This analysis considers the effect that a chapter 7 liquidation would have on the ultimate proceeds available for distribution to creditors, including: (i) the increased costs and expenses of a liquidation arising from fees payable to the Trustee and any professional advisors the Trustee would hire to effectuate the liquidation process and (ii) an erosion in the value of the Debtors’ assets in the event of an expeditious liquidation.
Further, underlying the Liquidation Analysis are a number of estimates and assumptions that are inherently subject to significant economic, competitive, and operational uncertainties and contingencies beyond the control of the Debtors or the Trustee. In addition, various liquidation decisions upon which certain assumptions are based, are subject to change. Therefore, there can be no assurance that the assumptions and estimates utilized in determining the liquidation values of the Debtors’ assets will result in an accurate estimate of proceeds that would be realized were the Debtors to undergo an actual liquidation. The actual amounts of Claims against the Estates could vary significantly from the estimate set forth herein, depending on the Claims asserted during the pendency of the chapter 7 cases. Moreover, this Liquidation Analysis may not include all liabilities that may arise as a result of additional litigation, potential tax assessments, or other potential Claims. This analysis excludes potential recoveries from avoidance actions or intangible assets and excludes incremental costs for the pursuit of such recoveries. Therefore, the actual liquidation value of the Debtors’ assets could vary materially from the estimates provided herein.
Estimated net proceeds may be realized from the liquidation of the Debtors’ subsidiaries. The method of liquidation may vary greatly from subsidiary to subsidiary depending on the jurisdiction where such subsidiary is located. The obligations are assumed to be satisfied at the individual entity level, with excess proceeds flowing upward to the parent entity and next ownership level and ultimately to CBL & Associates Limited Partnership to the extent available.
The costs, expenses, fees and such other Claims that may arise and constitute necessary costs and expenses in a chapter 7 liquidation would be paid in full by the liquidation proceeds before the balance of those proceeds would be made available for holders of Unsecured Claims. The Debtors believe that in a chapter 7 liquidation, holders of Unsecured Claims may receive between 0% to 100% (depending on the specific Debtor entity) but on a consolidated average, such claims will receive between 26.7% and 29.9%.
| 1. | First Lien Credit Facility Claims: |
|---|---|
| i. | The Liquidation Analysis assumes estimated First Lien Credit Facility Claims of approximately $1.115 billion in the aggregate as of the Conversion Date comprised of a (i) $439 million term loan (ii) and the balance of a $676 million revolver. |
| --- | --- |
| ii. | The Liquidation Analysis concludes that holders of First Lien Credit Facility Claims including recoveries from deficiency claims, will receive 85.0% to 95.2% recovery in a chapter 7 liquidation.^4^ |
| --- | --- |
| iii. | In the event of a chapter 7 liquidation, the holders of First Lien Credit Facility Claims will, in the aggregate, receive all Cash currently segregated by the Debtors with respect to the Credit Facility Properties (as defined in the Final Cash Collateral Order) in accordance with section 11(a)(ii) of the Final Cash Collateral Order. |
| --- | --- |
| ^4^ | For the avoidance of doubt, the Debtors reserve all rights with respect to the amount of deficiency Claims, if any, that may be asserted against a guarantor. Nothing herein shall constitute an admission with respect to any legal argument relating to such Claims. |
| --- | --- |
| 2. | Administrative Claims: |
| --- | --- |
| i. | Administrative Expense Claims arising in a hypothetical chapter 7 liquidation include the costs of administering the Estates, and claims arising during the Debtors’ chapter 11 cases before conversion into chapter 7 cases such as (a) postpetition service provider payables; (b) accrued postpetition employee obligations; (c) superpriority adequate protection claims, if any, in respect of prepetition secured indebtedness; (d) certain accrued taxes; (e) accrued utility payments; and (f) other liabilities incurred by the Estates in the ordinary course of business. |
| --- | --- |
| ii. | This Liquidation Analysis assumes there will be approximately $76 million of Administrative Claims outstanding as of the Conversion Date comprised of priority real estate tax claims, accrued and unpaid postpetition taxes, accrued and unpaid chapter 11 professional fees & postpetition payables. The total amount of Administrative Claims allowed in these chapter 11 cases could differ materially from the assumptions set forth by this Liquidation Analysis, thereby reducing recoveries available to holders of Claims and Interests in a chapter 7 liquidation. This Liquidation Analysis does not take into account superpriority adequate protection claims in respect of the diminution in value of collateral securing prepetition secured indebtedness, which claims, if any, may be substantial. |
| --- | --- |
| 3. | Unsecured Claims: |
| --- | --- |
| i. | This Liquidation Analysis assumes there will be approximately $3.175 billion of Unsecured Claims outstanding as of the Conversion Date. This total is inclusive of the Senior Unsecured Notes Claims, potential deficiency claims, if any, and $56 million of accounts payable and accrued liabilities. |
| --- | --- |
| ii. | The claims reconciliation process is ongoing and subject to further review. This may result in higher or lower claims depending on the outcome of such analysis. |
| --- | --- |
| iii. | Senior Unsecured Note Claims: |
| --- | --- |
| 1. | The Liquidation Analysis assumes estimated Senior Unsecured Notes Claims of approximately $1.375 billion in the aggregate as of the Conversion Date comprised of (i) $450 million of 2023 Notes (ii) $300 million of 2024 Notes and (iii) $625 million of 2026 Notes. The Liquidation Analysis concludes that holders of Senior Unsecured Notes Claims will receive a 28.9% to 32.5% recovery in a chapter 7 liquidation. |
| --- | --- |
| iv. | The Liquidation Analysis concludes that Unsecured Claims will receive between 0% and 100% (depending on the specific Debtor entity), but on a consolidated average, such claims will receive between 26.7% and 29.9% in a chapter 7 liquidation. |
| --- | --- |
Conclusion:
The Debtors have determined, as summarized in this Liquidation Analysis, that the Plan will provide holders of Claims and Interests with a recovery that is not less than what they would otherwise receive if the Estates were liquidated under chapter 7 of the Bankruptcy Code.
| CBL & Associates Properties, Inc.<br><br><br>CBL - Consolidating Debtor Entities - Ch. 7 Liquidation Analysis<br><br><br>$ in Millions | |||||
|---|---|---|---|---|---|
| De - Consolidated | |||||
| --- | --- | --- | --- | --- | --- |
| Net Book | Recovery % | Recovery | |||
| Consolidating Debtor Entities | Value ^(1)^ | Low | High | Low | |
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 2,484 | 46.0% | 51.4% | 1,142 |
| 2.) | Subtotal | 2,484 | 46.0% | 51.4% | 1,142 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 30 | 60.0% | 70.0% | 18 |
| 4.) | Dividends from Non-Debtor Subsidiaries | 61-91 | 100.0% | 100.0% | 61 |
| 5.) | Cash and Cash Equivalents ^(1)^ | 465 | 100.0% | 100.0% | 465 |
| 6.) | Tenant Receivables ^(2)^ | 64 | 37.0% | 42.0% | 24 |
| 7.) | Outstanding Receivables | 3 | 40.0% | 50.0% | 1 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | 2 | 85.0% | 90.0% | 2 |
| 9.) | Investments in Unconsolidated Affiliates | 193 | 0.0% | 1.5% | - |
| 10.) | Recovery on Non-Debtor Intercompany Claims | 65-72 | 100.0% | 100.0% | 65 |
| 11.) | Intangible Lease Assets and Other assets | 64 | 2.5% | 5.0% | 2 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 947-984 | 67.4% | 69.7% | 638 |
| Total Estimated Proceeds from Liquidation of Assets | 1,780 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 307 | |||
| Net Proceeds Available for Secured Claims | 1,473 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 56.1% | 62.8% | 625 |
| 16.) | Subtotal | 1,115 | 56.1% | 62.8% | 625 |
| Net Proceeds Available for Unsecured Claims | 848 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | 1,375 | 28.9% | 32.5% | 398 |
| 18.) | First Lien Credit Facility Deficiency Claim | 1,115 | 28.9% | 32.5% | 322 |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 191-191 | 28.9% | 32.5% | 55 |
| 20.) | CMBS Properties Guarantee | 438-438 | 11.6% | 12.9% | 51 |
| 21.) | Accounts Payable and Accrued Liabilities | 56 | 39.3% | 41.8% | 22 |
| 22.) | Subtotal | 3,175 | 848 | ||
| IV. Unsecured Recovery ^(3)^ | 26.7% | ||||
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 948 | ||||
| Recovery % | 85.0% | ||||
| Property Specific Non-CMBS Properties | 55 | ||||
| Recovery % | 3.8% | ||||
| CMBS Properties | 51 | ||||
| Recovery % | 4.4% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - CBL & Associates Limited Partnership - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 1) | CBL & Associates Limited Partnership | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 1 | 0.0% | 0.0% | - |
| 2.) | Subtotal | 1 | 0.0% | 0.0% | - |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 556-651 | 100.0% | 100.0% | 556 |
| 5.) | Cash and Cash Equivalents ^(1)^ | 327 | 100.0% | 100.0% | 327 |
| 6.) | Tenant Receivables ^(2)^ | - | 37.0% | 42.0% | - |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | 182 | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 4-4 | 100.0% | 100.0% | 4 |
| 11.) | Intangible Lease Assets and Other assets | - | 2.5% | 5.0% | - |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1069-1164 | 82.9% | 84.6% | 887 |
| Total Estimated Proceeds from Liquidation of Assets | 887 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 60 | |||
| Net Proceeds Available for Secured Claims | 827 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 827 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | 1,375 | 28.9% | 32.5% | 398 |
| 17.) | First Lien Credit Facility Deficiency Claim | 1,115 | 28.9% | 32.5% | 322 |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 191-191 | 28.9% | 32.5% | 55 |
| 19.) | CMBS Properties Guarantee | 139-139 | 28.9% | 32.5% | 40 |
| 20.) | Accounts Payable and Accrued Liabilities | 40 | 28.9% | 32.5% | 12 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 2,860 | 827 | ||
| IV. Unsecured Recovery ^(3)^ | 28.9% | ||||
| Net Proceeds Available for Parent | - | ||||
| 23.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 322 | ||||
| Recovery % | 28.9% | ||||
| Property Specific Non-CMBS Properties Guarantee | 55 | ||||
| Recovery % | 3.8% | ||||
| CMBS Properties Guarantee | 40 | ||||
| Recovery % | 3.5% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Pearland Ground, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 2) | Pearland Ground, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 97 | 51.7% | 57.7% | 50 |
| 2.) | Subtotal | 97 | 51.7% | 57.7% | 50 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 8 | 60.0% | 70.0% | 5 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents | 6 | 100.0% | 100.0% | 6 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 9 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 25 | 47.9% | 52.3% | 12 |
| Total Estimated Proceeds from Liquidation of Assets | 62 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 12 | |||
| Net Proceeds Available for Secured Claims | 51 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 4.5% | 5.1% | 51 |
| 16.) | Subtotal | 1,115 | 4.5% | 5.1% | 51 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | - | NA | NA | - |
| 20.) | CMBS Properties Guarantee | - | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 51 | ||||
| Recovery % | 4.5% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - CBL & Associates Management, Inc. - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 3) | CBL & Associates Management, Inc. | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 19 | 146.5% | 163.8% | 28 |
| 2.) | Subtotal | 19 | 146.5% | 163.8% | 28 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 8 | 60.0% | 70.0% | 5 |
| 4.) | Dividends from Subsidiaries | 7-13 | 100.0% | 100.0% | 7 |
| 5.) | Cash and Cash Equivalents ^(1)^ | 2 | 100.0% | 100.0% | 2 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | 1 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | 2 | 85.0% | 90.0% | 2 |
| 9.) | Investments in Unconsolidated Affiliates | 8 | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 20 | 2.5% | 5.0% | 1 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 49-55 | 33.9% | 43.3% | 17 |
| Total Estimated Proceeds from Liquidation of Assets | 45 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 15 | |||
| Net Proceeds Available for Secured Claims | 30 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 30 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | 4 | 100.0% | 100.0% | 4 |
| 22.) | Subtotal | 4 | 4 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 26 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 26 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Mall del Norte, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 4) | Mall del Norte, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 123 | 69.7% | 77.9% | 86 |
| 2.) | Subtotal | 123 | 69.7% | 77.9% | 86 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 13 | 100.0% | 100.0% | 13 |
| 6.) | Tenant Receivables ^(2)^ | 4 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 17 | 83.3% | 84.4% | 14 |
| Total Estimated Proceeds from Liquidation of Assets | 100 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 14 | |||
| Net Proceeds Available for Secured Claims | 86 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 7.7% | 8.6% | 86 |
| 16.) | Subtotal | 1,115 | 7.7% | 8.6% | 86 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | 0 | 0.0% | 0.0% | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | 0 | - | ||
| IV. Unsecured Recovery ^(3)^ | 0.0% | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 86 | ||||
| Recovery % | 7.7% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - JG Winston-Salem, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 5) | JG Winston-Salem, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 105 | 74.9% | 83.7% | 78 |
| 2.) | Subtotal | 105 | 74.9% | 83.7% | 78 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 8 | 100.0% | 100.0% | 8 |
| 6.) | Tenant Receivables ^(2)^ | 3 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | - | 2.5% | 5.0% | - |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 10 | 82.8% | 84.2% | 9 |
| Total Estimated Proceeds from Liquidation of Assets | 87 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 13 | |||
| Net Proceeds Available for Secured Claims | 74 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 6.6% | 7.4% | 74 |
| 16.) | Subtotal | 1,115 | 6.6% | 7.4% | 74 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | 0 | 0.0% | 0.0% | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | 0 | - | ||
| IV. Unsecured Recovery ^(3)^ | 0.0% | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 74 | ||||
| Recovery % | 6.6% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - CBL SM-Brownsville, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 6) | CBL SM-Brownsville, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 51 | 106.3% | 118.8% | 54 |
| 2.) | Subtotal | 51 | 106.3% | 118.8% | 54 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 7 | 100.0% | 100.0% | 7 |
| 6.) | Tenant Receivables ^(2)^ | 3 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 10 | 76.9% | 78.6% | 8 |
| Total Estimated Proceeds from Liquidation of Assets | 62 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 9 | |||
| Net Proceeds Available for Secured Claims | 53 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 4.7% | 5.3% | 53 |
| 16.) | Subtotal | 1,115 | 4.7% | 5.3% | 53 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | 0 | 0.0% | 0.0% | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | 0 | - | ||
| IV. Unsecured Recovery ^(3)^ | 0.0% | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 53 | ||||
| Recovery % | 4.7% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Madison/West Towne, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 7) | Madison/West Towne, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 73 | 52.4% | 58.6% | 38 |
| 2.) | Subtotal | 73 | 52.4% | 58.6% | 38 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 6 | 100.0% | 100.0% | 6 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 9 | 75.1% | 76.8% | 7 |
| Total Estimated Proceeds from Liquidation of Assets | 45 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 8 | |||
| Net Proceeds Available for Secured Claims | 36 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 3.2% | 3.6% | 36 |
| 16.) | Subtotal | 1,115 | 3.2% | 3.6% | 36 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | 0 | 0.0% | 0.0% | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | 0 | - | ||
| IV. Unsecured Recovery ^(3)^ | 0.0% | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 36 | ||||
| Recovery % | 3.2% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - St. Clair Square SPE, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 8) | St. Clair Square SPE, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 62 | 63.7% | 71.1% | 40 |
| 2.) | Subtotal | 62 | 63.7% | 71.1% | 40 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 4 | 100.0% | 100.0% | 4 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 7 | 69.4% | 71.1% | 5 |
| Total Estimated Proceeds from Liquidation of Assets | 45 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 7 | |||
| Net Proceeds Available for Secured Claims | 37 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 37 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 37 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 37 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Kirkwood Mall Acquisition LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 9) | Kirkwood Mall Acquisition LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 112 | 35.0% | 39.1% | 39 |
| 2.) | Subtotal | 112 | 35.0% | 39.1% | 39 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 1 | 60.0% | 70.0% | 1 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 5 | 100.0% | 100.0% | 5 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 2 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 11 | 63.5% | 66.1% | 7 |
| Total Estimated Proceeds from Liquidation of Assets | 46 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 7 | |||
| Net Proceeds Available for Secured Claims | 39 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 3.5% | 3.9% | 39 |
| 16.) | Subtotal | 1,115 | 3.5% | 3.9% | 39 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | 1 | 0.0% | 0.0% | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | 1 | - | ||
| IV. Unsecured Recovery ^(3)^ | 0.0% | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 39 | ||||
| Recovery % | 3.5% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Layton Hills Mall CMBS, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 10) | Layton Hills Mall CMBS, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 73 | 51.6% | 57.6% | 38 |
| 2.) | Subtotal | 73 | 51.6% | 57.6% | 38 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 6 | 100.0% | 100.0% | 6 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 9 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 17 | 41.1% | 42.9% | 7 |
| Total Estimated Proceeds from Liquidation of Assets | 45 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 7 | |||
| Net Proceeds Available for Secured Claims | 38 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 3.4% | 3.8% | 38 |
| 16.) | Subtotal | 1,115 | 3.4% | 3.8% | 38 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 38 | ||||
| Recovery % | 3.4% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Valley View Mall SPE, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 11) | Valley View Mall SPE, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 70 | 71.6% | 80.0% | 50 |
| 2.) | Subtotal | 70 | 71.6% | 80.0% | 50 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 4 | 100.0% | 100.0% | 4 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 7 | 75.1% | 77.0% | 5 |
| Total Estimated Proceeds from Liquidation of Assets | 56 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 7 | |||
| Net Proceeds Available for Secured Claims | 48 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 48 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 48 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 48 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Mayfaire Town Center, LP - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 12) | Mayfaire Town Center, LP | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 127 | 29.7% | 33.2% | 38 |
| 2.) | Subtotal | 127 | 29.7% | 33.2% | 38 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 5 | 100.0% | 100.0% | 5 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 2 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 9 | 64.8% | 66.8% | 6 |
| Total Estimated Proceeds from Liquidation of Assets | 43 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 7 | |||
| Net Proceeds Available for Secured Claims | 37 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 3.3% | 3.7% | 37 |
| 16.) | Subtotal | 1,115 | 3.3% | 3.7% | 37 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | 1 | 0.0% | 0.0% | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | 1 | - | ||
| IV. Unsecured Recovery ^(3)^ | 0.0% | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 37 | ||||
| Recovery % | 3.3% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Imperial Valley Mall II, L.P. - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 13) | Imperial Valley Mall II, L.P. | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 95 | 28.5% | 31.8% | 27 |
| 2.) | Subtotal | 95 | 28.5% | 31.8% | 27 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 4 | 100.0% | 100.0% | 4 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 7 | 72.9% | 74.4% | 5 |
| Total Estimated Proceeds from Liquidation of Assets | 32 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 5 | |||
| Net Proceeds Available for Secured Claims | 27 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 2.4% | 2.7% | 27 |
| 16.) | Subtotal | 1,115 | 2.4% | 2.7% | 27 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 27 | ||||
| Recovery % | 2.4% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - CBL/Westmoreland, L.P. - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 14) | CBL/Westmoreland, L.P. | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 87 | 43.4% | 48.5% | 38 |
| 2.) | Subtotal | 87 | 43.4% | 48.5% | 38 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 7 | 100.0% | 100.0% | 7 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 9 | 78.6% | 79.7% | 7 |
| Total Estimated Proceeds from Liquidation of Assets | 45 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 7 | |||
| Net Proceeds Available for Secured Claims | 38 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 3.4% | 3.8% | 38 |
| 16.) | Subtotal | 1,115 | 3.4% | 3.8% | 38 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | 2 | 0.0% | 0.0% | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | 2 | - | ||
| IV. Unsecured Recovery ^(3)^ | 0.0% | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 38 | ||||
| Recovery % | 3.4% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Cherryvale Mall, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 15) | Cherryvale Mall, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 71 | 38.2% | 42.7% | 27 |
| 2.) | Subtotal | 71 | 38.2% | 42.7% | 27 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 5 | 100.0% | 100.0% | 5 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 7 | 81.8% | 83.1% | 6 |
| Total Estimated Proceeds from Liquidation of Assets | 33 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 7 | |||
| Net Proceeds Available for Secured Claims | 26 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 2.3% | 2.6% | 26 |
| 16.) | Subtotal | 1,115 | 2.3% | 2.6% | 26 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 26 | ||||
| Recovery % | 2.3% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Turtle Creek Limited Partnership - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 16) | Turtle Creek Limited Partnership | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 17 | 135.5% | 151.4% | 24 |
| 2.) | Subtotal | 17 | 135.5% | 151.4% | 24 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 4 | 100.0% | 100.0% | 4 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 6 | 78.7% | 80.2% | 4 |
| Total Estimated Proceeds from Liquidation of Assets | 28 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 4 | |||
| Net Proceeds Available for Secured Claims | 24 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 2.1% | 2.4% | 24 |
| 16.) | Subtotal | 1,115 | 2.1% | 2.4% | 24 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 24 | ||||
| Recovery % | 2.1% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Fayette Middle Anchor, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 17) | Fayette Middle Anchor, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 49 | 48.5% | 54.3% | 24 |
| 2.) | Subtotal | 49 | 48.5% | 54.3% | 24 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 1 | 100.0% | 100.0% | 1 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 3 | 59.3% | 61.9% | 2 |
| Total Estimated Proceeds from Liquidation of Assets | 26 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 4 | |||
| Net Proceeds Available for Secured Claims | 22 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 22 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 21 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 21 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - POM-College Station, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 18) | POM-College Station, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 24 | 102.3% | 114.3% | 24 |
| 2.) | Subtotal | 24 | 102.3% | 114.3% | 24 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 4 | 100.0% | 100.0% | 4 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 6 | 78.1% | 79.7% | 5 |
| Total Estimated Proceeds from Liquidation of Assets | 29 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 5 | |||
| Net Proceeds Available for Secured Claims | 24 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 2.1% | 2.4% | 24 |
| 16.) | Subtotal | 1,115 | 2.1% | 2.4% | 24 |
| Net Proceeds Available for Unsecured Claims | 24 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | 0 | 0.0% | 0.0% | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | 0 | - | ||
| IV. Unsecured Recovery ^(3)^ | 0.0% | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 24 | ||||
| Recovery % | 2.1% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Harford Mall Business Trust - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 19) | Harford Mall Business Trust | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 51 | 41.9% | 46.8% | 21 |
| 2.) | Subtotal | 51 | 41.9% | 46.8% | 21 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 2 | 100.0% | 100.0% | 2 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 4 | 66.7% | 69.0% | 3 |
| Total Estimated Proceeds from Liquidation of Assets | 24 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 4 | |||
| Net Proceeds Available for Secured Claims | 20 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 20 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 20 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 20 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - CBL RM-Waco, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 20) | CBL RM-Waco, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 37 | 62.5% | 69.8% | 23 |
| 2.) | Subtotal | 37 | 62.5% | 69.8% | 23 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 4 | 100.0% | 100.0% | 4 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 5 | 79.4% | 80.8% | 4 |
| Total Estimated Proceeds from Liquidation of Assets | 28 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 5 | |||
| Net Proceeds Available for Secured Claims | 23 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 2.1% | 2.3% | 23 |
| 16.) | Subtotal | 1,115 | 2.1% | 2.3% | 23 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 23 | ||||
| Recovery % | 2.1% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Madison/East Towne, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 21) | Madison/East Towne, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 72 | 13.4% | 14.9% | 10 |
| 2.) | Subtotal | 72 | 13.4% | 14.9% | 10 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 2 | 100.0% | 100.0% | 2 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 4 | 69.9% | 71.9% | 3 |
| Total Estimated Proceeds from Liquidation of Assets | 13 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 4 | |||
| Net Proceeds Available for Secured Claims | 9 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 0.8% | 0.9% | 9 |
| 16.) | Subtotal | 1,115 | 0.8% | 0.9% | 9 |
| Net Proceeds Available for Unsecured Claims | 9 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 9 | ||||
| Recovery % | 0.8% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Hixson Mall, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 22) | Hixson Mall, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 20 | 95.6% | 106.8% | 19 |
| 2.) | Subtotal | 20 | 95.6% | 106.8% | 19 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 3 | 100.0% | 100.0% | 3 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 5 | 73.4% | 74.9% | 4 |
| Total Estimated Proceeds from Liquidation of Assets | 22 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 3 | |||
| Net Proceeds Available for Secured Claims | 19 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 1.7% | 1.9% | 19 |
| 16.) | Subtotal | 1,115 | 1.7% | 1.9% | 19 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 19 | ||||
| Recovery % | 1.7% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Parkway Place SPE, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 23) | Parkway Place SPE, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 54 | 63.8% | 71.3% | 35 |
| 2.) | Subtotal | 54 | 63.8% | 71.3% | 35 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 2 | 100.0% | 100.0% | 2 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 1 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 5 | 54.1% | 57.4% | 3 |
| Total Estimated Proceeds from Liquidation of Assets | 37 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 5 | |||
| Net Proceeds Available for Secured Claims | 32 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 32 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 1 | 100.0% | 100.0% | 1 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 1 | 1 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 31 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 31 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - South County Shoppingtown LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 24) | South County Shoppingtown LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 122 | 24.3% | 27.1% | 30 |
| 2.) | Subtotal | 122 | 24.3% | 27.1% | 30 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 4 | 100.0% | 100.0% | 4 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 7 | 62.9% | 64.8% | 5 |
| Total Estimated Proceeds from Liquidation of Assets | 34 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 6 | |||
| Net Proceeds Available for Secured Claims | 28 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 28 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 1 | 100.0% | 100.0% | 1 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 1 | 1 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 27 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 27 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Frontier Mall Associates Limited Partnership - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 25) | Frontier Mall Associates Limited Partnership | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 12 | 146.2% | 163.4% | 17 |
| 2.) | Subtotal | 12 | 146.2% | 163.4% | 17 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 2 | 100.0% | 100.0% | 2 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 4 | 73.4% | 75.1% | 3 |
| Total Estimated Proceeds from Liquidation of Assets | 20 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 3 | |||
| Net Proceeds Available for Secured Claims | 17 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 1.5% | 1.7% | 17 |
| 16.) | Subtotal | 1,115 | 1.5% | 1.7% | 17 |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | 0 | 0.0% | 0.0% | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | 0 | - | ||
| IV. Unsecured Recovery ^(3)^ | 0.0% | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 17 | ||||
| Recovery % | 1.5% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Dakota Square Mall CMBS, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 26) | Dakota Square Mall CMBS, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 92 | 18.5% | 20.7% | 17 |
| 2.) | Subtotal | 92 | 18.5% | 20.7% | 17 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 3 | 100.0% | 100.0% | 3 |
| 6.) | Tenant Receivables ^(2)^ | 3 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 2 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 7 | 52.3% | 54.9% | 4 |
| Total Estimated Proceeds from Liquidation of Assets | 21 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 4 | |||
| Net Proceeds Available for Secured Claims | 17 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 17 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 1 | 100.0% | 100.0% | 1 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 1 | 1 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 16 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 16 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Northpark Mall/Joplin, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 27) | Northpark Mall/Joplin, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 61 | 24.3% | 27.1% | 15 |
| 2.) | Subtotal | 61 | 24.3% | 27.1% | 15 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 2 | 100.0% | 100.0% | 2 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 4 | 77.1% | 78.6% | 3 |
| Total Estimated Proceeds from Liquidation of Assets | 18 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 3 | |||
| Net Proceeds Available for Secured Claims | 15 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 15 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 15 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 15 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Mid Rivers Mall CMBS, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 28) | Mid Rivers Mall CMBS, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 50 | 28.4% | 31.8% | 14 |
| 2.) | Subtotal | 50 | 28.4% | 31.8% | 14 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 2 | 100.0% | 100.0% | 2 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 4 | 69.9% | 71.6% | 3 |
| Total Estimated Proceeds from Liquidation of Assets | 17 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 3 | |||
| Net Proceeds Available for Secured Claims | 14 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 14 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 14 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 14 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Brookfield Square Joint Venture - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 29) | Brookfield Square Joint Venture | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 56 | 21.3% | 23.8% | 12 |
| 2.) | Subtotal | 56 | 21.3% | 23.8% | 12 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 2 | 100.0% | 100.0% | 2 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 4 | 64.9% | 67.3% | 3 |
| Total Estimated Proceeds from Liquidation of Assets | 15 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 3 | |||
| Net Proceeds Available for Secured Claims | 12 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 12 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 1 | 100.0% | 100.0% | 1 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 1 | 1 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 11 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 11 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Fayette Plaza CMBS, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 30) | Fayette Plaza CMBS, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 27 | 41.0% | 45.8% | 11 |
| 2.) | Subtotal | 27 | 41.0% | 45.8% | 11 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 1 | 60.0% | 70.0% | 1 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 1 | 100.0% | 100.0% | 1 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 2 | 74.3% | 79.1% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 13 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 2 | |||
| Net Proceeds Available for Secured Claims | 11 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 11 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 11 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 11 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Madison Joint Venture, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 31) | Madison Joint Venture, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 6 | 205.9% | 230.1% | 13 |
| 2.) | Subtotal | 6 | 205.9% | 230.1% | 13 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 1 | 100.0% | 100.0% | 1 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 2 | 79.3% | 80.6% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 15 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 2 | |||
| Net Proceeds Available for Secured Claims | 12 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 12 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 12 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 12 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Shoppes at St. Clair CMBS, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 32) | Shoppes at St. Clair CMBS, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 16 | 60.0% | 67.1% | 10 |
| 2.) | Subtotal | 16 | 60.0% | 67.1% | 10 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 1 | 100.0% | 100.0% | 1 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 67.7% | 70.0% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 11 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 2 | |||
| Net Proceeds Available for Secured Claims | 9 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 9 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 9 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 9 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Cross Creek Anchor S, LP - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 33) | Cross Creek Anchor S, LP | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 9 | 0.0% | 0.0% | - |
| 2.) | Subtotal | 9 | 0.0% | 0.0% | - |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 7 | 60.0% | 70.0% | 4 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 3 | 100.0% | 100.0% | 3 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 11 | 72.1% | 79.0% | 8 |
| Total Estimated Proceeds from Liquidation of Assets | 8 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 7 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 7 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 1 | 100.0% | 100.0% | 1 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 1 | 1 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 6 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 6 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Coolsprings Crossing Limited Partnership - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 34) | Coolsprings Crossing Limited Partnership | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 8 | 137.3% | 153.4% | 11 |
| 2.) | Subtotal | 8 | 137.3% | 153.4% | 11 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 53.7% | 56.8% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 12 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 2 | |||
| Net Proceeds Available for Secured Claims | 10 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 10 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 10 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 10 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - York Galleria Limited Partnership - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 35) | York Galleria Limited Partnership | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 45 | 15.1% | 16.9% | 7 |
| 2.) | Subtotal | 45 | 15.1% | 16.9% | 7 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 2 | 60.0% | 70.0% | 1 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 4 | 43.7% | 50.9% | 2 |
| Total Estimated Proceeds from Liquidation of Assets | 9 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 2 | |||
| Net Proceeds Available for Secured Claims | 6 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 6 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 6 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 6 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Meridian Mall Limited Partnership - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 36) | Meridian Mall Limited Partnership | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 78 | 12.0% | 13.4% | 9 |
| 2.) | Subtotal | 78 | 12.0% | 13.4% | 9 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 3 | 33.0% | 37.8% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 10 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 3 | |||
| Net Proceeds Available for Secured Claims | 8 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 8 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 7 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 7 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - CBL/Monroeville Partner, L.P. - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 37) | CBL/Monroeville Partner, L.P. | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 49 | 19.8% | 22.1% | 10 |
| 2.) | Subtotal | 49 | 19.8% | 22.1% | 10 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 2 | 100.0% | 100.0% | 2 |
| 6.) | Tenant Receivables ^(2)^ | 2 | 37.0% | 42.0% | 1 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 4 | 56.4% | 59.1% | 2 |
| Total Estimated Proceeds from Liquidation of Assets | 12 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 3 | |||
| Net Proceeds Available for Secured Claims | 9 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 9 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 8 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 8 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Gunbarrel Commons, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 38) | Gunbarrel Commons, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 11 | 113.1% | 126.4% | 13 |
| 2.) | Subtotal | 11 | 113.1% | 126.4% | 13 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 1 | 100.0% | 100.0% | 1 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 85.3% | 86.2% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 14 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 2 | |||
| Net Proceeds Available for Secured Claims | 12 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 12 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 12 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 12 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Laurel Park Retail Properties LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 39) | Laurel Park Retail Properties LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 24 | 24.1% | 26.9% | 6 |
| 2.) | Subtotal | 24 | 24.1% | 26.9% | 6 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 2 | 32.4% | 36.1% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 7 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 5 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 5 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 5 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 5 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - CBL/Sunrise Commons, L.P. - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 40) | CBL/Sunrise Commons, L.P. | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 6 | 131.5% | 147.0% | 8 |
| 2.) | Subtotal | 6 | 131.5% | 147.0% | 8 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 59.3% | 62.2% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 8 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 7 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 7 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 7 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 7 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Hamilton Place Anchor S, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 41) | Hamilton Place Anchor S, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 33 | 42.5% | 47.5% | 14 |
| 2.) | Subtotal | 33 | 42.5% | 47.5% | 14 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | - | 100.0% | 100.0% | - |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 6.1% | 8.8% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 14 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 2 | |||
| Net Proceeds Available for Secured Claims | 13 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 13 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 13 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 13 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Southpark Mall-DSG, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 42) | Southpark Mall-DSG, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 8 | 93.2% | 104.1% | 8 |
| 2.) | Subtotal | 8 | 93.2% | 104.1% | 8 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 75.6% | 76.8% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 8 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 7 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 7 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 7 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 7 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Southaven Towne Center II, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 43) | Southaven Towne Center II, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 25 | 43.0% | 48.1% | 11 |
| 2.) | Subtotal | 25 | 43.0% | 48.1% | 11 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 1 | 100.0% | 100.0% | 1 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 2 | 65.5% | 67.3% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 12 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 11 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 11 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 11 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 11 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Brookfield Square Parcel, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 44) | Brookfield Square Parcel, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 5 | 60.4% | 67.5% | 3 |
| 2.) | Subtotal | 5 | 60.4% | 67.5% | 3 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 35.2% | 37.6% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 3 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 3 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 3 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 3 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 3 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Old Hickory Mall Venture II, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 45) | Old Hickory Mall Venture II, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 32 | 15.5% | 17.4% | 5 |
| 2.) | Subtotal | 32 | 15.5% | 17.4% | 5 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 1 | 100.0% | 100.0% | 1 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 67.8% | 70.0% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 6 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 5 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 5 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 5 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 5 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Alamance Crossing II, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 46) | Alamance Crossing II, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 17 | 62.7% | 70.1% | 11 |
| 2.) | Subtotal | 17 | 62.7% | 70.1% | 11 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 1 | 100.0% | 100.0% | 1 |
| 6.) | Tenant Receivables ^(2)^ | 1 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 2 | 70.6% | 72.5% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 12 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 11 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 11 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 43-43 | 25.0% | 26.6% | 11 |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 43 | 11 | ||
| IV. Unsecured Recovery ^(3)^ | 25.0% | ||||
| Net Proceeds Available for Parent | - | ||||
| 23.) | Payment to Parent | NA | NA | NA | - |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Westgate Crossing Limited Partnership - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 47) | Westgate Crossing Limited Partnership | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 6 | 82.4% | 92.1% | 5 |
| 2.) | Subtotal | 6 | 82.4% | 92.1% | 5 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 28.7% | 32.4% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 5 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 4 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 4 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 4 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 4 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - The Courtyard at Hickory Hollow Limited Partnership - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 48) | The Courtyard at Hickory Hollow Limited Partnership | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 4 | 119.5% | 133.5% | 5 |
| 2.) | Subtotal | 4 | 119.5% | 133.5% | 5 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 77.8% | 79.3% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 5 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 5 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 5 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 5 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 5 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - WI-Land Parcels, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 49) | WI-Land Parcels, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) - Ground Lease Included | 1 | 697.4% | 779.4% | 4 |
| 2.) | Subtotal | 1 | 697.4% | 779.4% | 4 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | - | 37.0% | 42.0% | - |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | - | 2.5% | 5.0% | - |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 100.0% | 100.0% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 4 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 4 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 4 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 4 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 4 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Stroud Mall, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 50) | Stroud Mall, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 38 | 7.4% | 8.3% | 3 |
| 2.) | Subtotal | 38 | 7.4% | 8.3% | 3 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 1 | 100.0% | 100.0% | 1 |
| 6.) | Tenant Receivables ^(2)^ | - | 37.0% | 42.0% | - |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 1 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 2 | 29.7% | 31.6% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 3 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 2 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 2 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 3 | 93.4% | 100.0% | 2 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 3 | 2 | ||
| IV. Unsecured Recovery ^(3)^ | 93.4% | ||||
| Net Proceeds Available for Parent | - | ||||
| 23.) | Payment to Parent | NA | NA | NA | - |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Hanes Mall Parcels, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 51) | Hanes Mall Parcels, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 4 | 115.9% | 129.6% | 5 |
| 2.) | Subtotal | 4 | 115.9% | 129.6% | 5 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 56.0% | 58.6% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 5 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 4 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 4 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 4 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 4 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - The Landing at Arbor Place II, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 52) | The Landing at Arbor Place II, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 11 | 30.1% | 33.7% | 3 |
| 2.) | Subtotal | 11 | 30.1% | 33.7% | 3 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | - | 100.0% | 100.0% | - |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 25.0% | 29.2% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 3 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 3 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 3 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 3 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 3 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Volusia-OP Peripheral, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 53) | Volusia-OP Peripheral, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 6 | 72.1% | 80.5% | 4 |
| 2.) | Subtotal | 6 | 72.1% | 80.5% | 4 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 58.0% | 60.2% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 5 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 4 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 4 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 4 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 4 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Eastland Mall, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 54) | Eastland Mall, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 23 | 13.3% | 14.9% | 3 |
| 2.) | Subtotal | 23 | 13.3% | 14.9% | 3 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 53.9% | 56.7% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 4 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 2 | |||
| Net Proceeds Available for Secured Claims | 2 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 2 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 2 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 2 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - West Towne District, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 55) | West Towne District, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 4 | 89.3% | 99.8% | 3 |
| 2.) | Subtotal | 4 | 89.3% | 99.8% | 3 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 64.4% | 65.7% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 3 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 3 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 3 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 3 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 3 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Parkdale Mall, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 56) | Parkdale Mall, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 3 | 77.4% | 86.5% | 3 |
| 2.) | Subtotal | 3 | 77.4% | 86.5% | 3 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 58.0% | 60.6% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 3 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 3 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 3 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 3 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 3 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Parkdale Anchor M, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 57) | Parkdale Anchor M, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 18 | 23.6% | 26.4% | 4 |
| 2.) | Subtotal | 18 | 23.6% | 26.4% | 4 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 43.2% | 45.3% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 5 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 4 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 4 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 4 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 4 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Jefferson Anchor M, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 58) | Jefferson Anchor M, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 6 | 66.4% | 74.2% | 4 |
| 2.) | Subtotal | 6 | 66.4% | 74.2% | 4 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | - | 37.0% | 42.0% | - |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 57.8% | 58.9% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 4 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 4 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 4 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 4 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 4 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - East Towne Parcel I, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 59) | East Towne Parcel I, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 2 | 56.3% | 62.9% | 1 |
| 2.) | Subtotal | 2 | 56.3% | 62.9% | 1 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 32.0% | 34.1% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 1 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 1 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 1 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 1 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 1 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Monroeville Anchor Limited Partnership - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 60) | Monroeville Anchor Limited Partnership | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 4 | 107.9% | 120.6% | 4 |
| 2.) | Subtotal | 4 | 107.9% | 120.6% | 4 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 54.0% | 56.2% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 5 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 4 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 4 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 4 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 4 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - TN-Land Parcels, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 61) | TN-Land Parcels, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 0 | 1425.3% | 1593.0% | 2 |
| 2.) | Subtotal | 0 | 1425.3% | 1593.0% | 2 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 64.3% | 66.2% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 2 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 2 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 2 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 2 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 2 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - LHM-Utah, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 62) | LHM-Utah, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 2 | 242.1% | 270.6% | 4 |
| 2.) | Subtotal | 2 | 242.1% | 270.6% | 4 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | - | 2.5% | 5.0% | - |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 77.5% | 79.5% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 4 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 4 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 0.3% | 0.4% | 4 |
| 16.) | Subtotal | 1,115 | 0.3% | 0.4% | 4 |
| Net Proceeds Available for Unsecured Claims | 4 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | 0 | 0.0% | 0.0% | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | 0 | - | ||
| IV. Unsecured Recovery ^(3)^ | 0.0% | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 4 | ||||
| Recovery % | 0.3% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - CBL/Monroeville, L.P. - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 63) | CBL/Monroeville, L.P. | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 25 | 24.0% | 26.9% | 6 |
| 2.) | Subtotal | 25 | 24.0% | 26.9% | 6 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 0 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 1 | 100.0% | 100.0% | 1 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 67.0% | 68.6% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 7 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 1 | |||
| Net Proceeds Available for Secured Claims | 6 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 6 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 6 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 6 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Pearland-OP Parcel 8, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 64) | Pearland-OP Parcel 8, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 1 | 196.0% | 219.1% | 2 |
| 2.) | Subtotal | 1 | 196.0% | 219.1% | 2 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 75.9% | 77.3% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 2 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 2 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | First Lien Credit Facility | 1,115 | 0.1% | 0.2% | 2 |
| 16.) | Subtotal | 1,115 | 0.1% | 0.2% | 2 |
| Net Proceeds Available for Unsecured Claims | 2 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 17.) | Senior Unsecured Notes | - | NA | NA | - |
| 18.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 19.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 21.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 22.) | Intercompany | - | NA | NA | - |
| 23.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | - | ||||
| 24.) | Payment to Parent | NA | NA | NA | - |
| Memo: Secured + Unsecured Recovery | |||||
| First Lien Credit Facility Recovery | 2 | ||||
| Recovery % | 0.1% |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - CBL/Monroeville Expansion, L.P. - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 65) | CBL/Monroeville Expansion, L.P. | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 3 | 42.0% | 47.0% | 1 |
| 2.) | Subtotal | 3 | 42.0% | 47.0% | 1 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | - | 100.0% | 100.0% | - |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 15.9% | 19.3% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 1 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 1 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 1 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 1 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 1 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - EastGate Company - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 66) | EastGate Company | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 2 | 45.1% | 50.4% | 1 |
| 2.) | Subtotal | 2 | 45.1% | 50.4% | 1 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 65.2% | 67.2% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 1 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 1 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 1 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 1 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 1 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - TX-Land Parcels, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 67) | TX-Land Parcels, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 3 | 55.7% | 62.3% | 2 |
| 2.) | Subtotal | 3 | 55.7% | 62.3% | 2 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 62.2% | 63.9% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 2 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 2 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 2 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 2 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 2 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Jefferson Mall Company II, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 68) | Jefferson Mall Company II, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 1 | 144.9% | 161.9% | 1 |
| 2.) | Subtotal | 1 | 144.9% | 161.9% | 1 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 61.3% | 62.7% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 1 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 1 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 1 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 1 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 1 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Jefferson Anchor S, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 69) | Jefferson Anchor S, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 4 | 21.9% | 25.7% | 1 |
| 2.) | Subtotal | 4 | 21.9% | 25.7% | 1 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 1 | 60.0% | 70.0% | 1 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | - | 37.0% | 42.0% | - |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 61.2% | 70.6% | 1 |
| Total Estimated Proceeds from Liquidation of Assets | 2 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 2 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 2 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 2 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 2 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - EastGate Anchor S, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 70) | EastGate Anchor S, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 1 | 31.5% | 39.4% | 0 |
| 2.) | Subtotal | 1 | 31.5% | 39.4% | 0 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | 1 | 60.0% | 70.0% | 0 |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | - | 100.0% | 100.0% | - |
| 6.) | Tenant Receivables ^(2)^ | - | 37.0% | 42.0% | - |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 59.0% | 68.9% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 1 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 1 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 1 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 1 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 1 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Imperial Valley Peripheral L.P. - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 71) | Imperial Valley Peripheral L.P. | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 5 | 8.7% | 9.8% | 0 |
| 2.) | Subtotal | 5 | 8.7% | 9.8% | 0 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 85.4% | 86.5% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 1 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 1 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 1 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 0 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 0 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - D'Iberville CBL Land, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 72) | D’Iberville CBL Land, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 8 | 18.5% | 37.0% | 2 |
| 2.) | Subtotal | 8 | 18.5% | 37.0% | 2 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | - | 100.0% | 100.0% | - |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | - | 2.5% | 5.0% | - |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 37.0% | 42.0% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 2 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 1 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 1 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 1 | 100.0% | 100.0% | 1 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 1 | 1 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 1 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 1 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - CBL & Associates Properties, Inc. - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 73) | CBL & Associates Properties, Inc. | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | - | NA | NA | - |
| 2.) | Subtotal | - | NA | NA | - |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | - | 37.0% | 42.0% | - |
| 7.) | Outstanding Receivables | 0 | 40.0% | 50.0% | 0 |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | 1 | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 1 | 2.2% | 4.0% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 0 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 0 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 0 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | 1,115 | 0.0% | 0.0% | 0 |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 1,115 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 0.0% | ||||
| Net Proceeds Available for Parent | - | ||||
| 23.) | Payment to Parent | NA | NA | NA | - |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Eastland Anchor M, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 74) | Eastland Anchor M, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 1 | 6.0% | 6.7% | 0 |
| 2.) | Subtotal | 1 | 6.0% | 6.7% | 0 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | - | 37.0% | 42.0% | - |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 42.7% | 44.1% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 0 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | - | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | - | ||||
| 23.) | Payment to Parent | NA | NA | NA | - |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Volusia SAC, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 75) | Volusia SAC, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 8 | 30.2% | 33.8% | 2 |
| 2.) | Subtotal | 8 | 30.2% | 33.8% | 2 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | - | 100.0% | 100.0% | - |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 13.7% | 17.1% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 2 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 2 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 2 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 2 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 2 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - CBL HP Hotel Member, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 76) | CBL HP Hotel Member, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | - | NA | NA | - |
| 2.) | Subtotal | - | NA | NA | - |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | - | 100.0% | 100.0% | - |
| 6.) | Tenant Receivables ^(2)^ | - | 37.0% | 42.0% | - |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | 2 | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | - | 2.5% | 5.0% | - |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 2 | 0.0% | 1.5% | - |
| Total Estimated Proceeds from Liquidation of Assets | - | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | - | |||
| Net Proceeds Available for Secured Claims | - | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 0.0% | 100.0% | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | - | ||
| IV. Unsecured Recovery ^(3)^ | 0.0% | ||||
| Net Proceeds Available for Parent | - | ||||
| 23.) | Payment to Parent | NA | NA | NA | - |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Northgate SAC, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 77) | Northgate SAC, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 1 | 70.3% | 78.5% | 1 |
| 2.) | Subtotal | 1 | 70.3% | 78.5% | 1 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | 0 | 37.0% | 42.0% | 0 |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | 0 | 2.5% | 5.0% | 0 |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 66.9% | 68.8% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 1 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | 1 | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | 1 | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | - | NA | NA | - |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | - | - | ||
| IV. Unsecured Recovery ^(3)^ | NA | ||||
| Net Proceeds Available for Parent | 1 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 1 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
CBL - Hickory Point Outparcels, LLC - Ch. 7 Liquidation Analysis
$ in Millions
| De - Consolidated | |||||
|---|---|---|---|---|---|
| 78) | Hickory Point Outparcels, LLC | Net Book | Recovery % | Recovery | |
| Value ^(1)^ | Low | High | Low | ||
| I. Assets | |||||
| Liquidation Value of Real Estate Assets | |||||
| 1.) | Land, Building & Improvements (Net) | 2 | 10.8% | 21.6% | 0 |
| 2.) | Subtotal | 2 | 10.8% | 21.6% | 0 |
| Liquidation Value of All Other Assets | |||||
| 3.) | Developments in Progress | - | 60.0% | 70.0% | - |
| 4.) | Dividends from Subsidiaries | 0-0 | NA | NA | - |
| 5.) | Cash and Cash Equivalents ^(1)^ | 0 | 100.0% | 100.0% | 0 |
| 6.) | Tenant Receivables ^(2)^ | - | 37.0% | 42.0% | - |
| 7.) | Outstanding Receivables | - | 40.0% | 50.0% | - |
| 8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) | - | 85.0% | 90.0% | - |
| 9.) | Investments in Unconsolidated Affiliates | - | 0.0% | 1.5% | - |
| 10.) | Recovery on Intercompany Claims | 0-0 | NA | NA | - |
| 11.) | Intangible Lease Assets and Other assets | - | 2.5% | 5.0% | - |
| 12.) | Litigation & Preference/Avoidance Actions | - | N/A | N/A | - |
| 13.) | Subtotal | 0 | 100.0% | 0.0% | 0 |
| Total Estimated Proceeds from Liquidation of Assets | 0 | ||||
| II. Admin / Wind Down Expenses | |||||
| 14.) | Subtotal | 0 | |||
| Net Proceeds Available for Secured Claims | - | ||||
| III. Liabilities | |||||
| Liquidation Value of Secured Liabilities | |||||
| 15.) | Subtotal | NA | NA | NA | NA |
| Net Proceeds Available for Unsecured Claims | - | ||||
| Liquidation Value of Unsecured Liabilities | |||||
| 16.) | Senior Unsecured Notes | - | NA | NA | - |
| 17.) | First Lien Credit Facility Deficiency Claim | - | NA | NA | - |
| 18.) | Property Specific Non-CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 19.) | CMBS Properties Guarantee | 0-0 | NA | NA | - |
| 20.) | Accounts Payable and Accrued Liabilities | 0 | 100.0% | 100.0% | 0 |
| 21.) | Intercompany | - | NA | NA | - |
| 22.) | Subtotal | 0 | 0 | ||
| IV. Unsecured Recovery ^(3)^ | 100.0% | ||||
| Net Proceeds Available for Parent | 0 | ||||
| 23.) | Payment to Parent | NA | NA | NA | 0 |
All values are in US Dollars.
(1) Liquidation Analysis reflects books and records as of 2/28/21. Cash balance is rolled forward through liquidation period.
(2) Reflects book value of receivables which includes straight line rent. Straight line rent has $0 recovery.
(3) The analysis reflects the Debtors best estimate on General Unsecured claims using their February 2021 books and records net of eliminations.
CBL & Associates Properties, Inc.
List of Unscheduled Entities - Entities with $0 of Recoverable Assets
| Entity Name | Assets | Entity Name | Assets | ||||
|---|---|---|---|---|---|---|---|
| 1) | CBL Holdings I, Inc. | - | 51) | CBL/Gulf Coast, LLC | - | ||
| 2) | CBL Holdings II, Inc. | - | 52) | CBL/Imperial Valley GP, LLC | - | ||
| 3) | Akron Mall Land, LLC | - | 53) | CBL/J I, LLC | - | ||
| 4) | Alamance Crossing, LLC | - | 54) | CBL/J II, LLC | - | ||
| 5) | APWM, LLC | - | 55) | CBL/Kirkwood Mall, LLC | - | ||
| 6) | Arbor Place Limited Partnership | - | 56) | CBL/Madison I, LLC | - | ||
| 7) | Asheville, LLC | - | 57) | CBL/Monroeville Expansion I, LLC | - | ||
| 8) | CBL Eagle Point Member, LLC | - | 58) | CBL/Monroeville Expansion II, LLC | - | ||
| 9) | CBL Statesboro Member, LLC | - | 59) | CBL/Monroeville Expansion III, LLC | - | ||
| 10) | CBL Walden Park, LLC | - | 60) | CBL/Monroeville Expansion Partner, L.P. | - | ||
| 11) | CBL/Brookfield I, LLC | - | 61) | CBL/Monroeville I, LLC | - | ||
| 12) | CBL/Brookfield II, LLC | - | 62) | CBL/Monroeville II, LLC | - | ||
| 13) | CBL/Cherryvale I, LLC | - | 63) | CBL/Monroeville III, LLC | - | ||
| 14) | CBL/Citadel I, LLC | - | 64) | CBL/Nashua Limited Partnership | - | ||
| 15) | CBL/Citadel II, LLC | - | 65) | CBL/Old Hickory I, LLC | - | ||
| 16) | CBL/EastGate I, LLC | - | 66) | CBL/Old Hickory II, LLC | - | ||
| 17) | CBL/EastGate II, LLC | - | 67) | CBL/Parkdale Crossing GP, LLC | - | ||
| 18) | CBL/EastGate Mall, LLC | - | 68) | CBL/Parkdale Crossing, L.P. | - | ||
| 19) | CBL/Fayette I, LLC | - | 69) | CBL/Parkdale Mall GP, LLC | - | ||
| 20) | CBL/Fayette II, LLC | - | 70) | CBL/Parkdale, LLC | - | ||
| 21) | CBL/GP Cary, Inc. | - | 71) | CBL/Penn Investments, LLC | - | ||
| 22) | CBL/GP II, Inc. | - | 72) | CBL/Richland G.P., LLC | - | ||
| 23) | CBL/GP V, Inc. | - | 73) | CBL/Sunrise Commons GP, LLC | - | ||
| 24) | CBL/GP VI, Inc. | - | 74) | CBL/Sunrise GP, LLC | - | ||
| 25) | CBL/GP, Inc. | - | 75) | CBL/Sunrise Land, LLC | - | ||
| 26) | CBL/Sunrise XS Land, L.P. | - | 76) | MDN/Laredo GP, LLC | - | ||
| 27) | CBL/Westmoreland I, LLC | - | 77) | Mid Rivers Land LLC | - | ||
| 28) | CBL/Westmoreland II, LLC | - | 78) | Montgomery Partners, L.P. | - | ||
| 29) | CBL-840 GC, LLC | - | 79) | Mortgage Holdings, LLC | - | ||
| 30) | Charleston Joint Venture | - | 80) | Multi-GP Holdings, LLC | - | ||
| 31) | Cross Creek Anchor S GP, LLC | - | 81) | North Charleston Joint Venture II, LLC | - | ||
| 32) | CW Joint Venture, LLC | - | 82) | Old Hickory Mall Venture | - | ||
| 33) | Development Options, Inc. | - | 83) | Parkdale Crossing Limited Partnership | - | ||
| 34) | Dunite Acquisitions, LLC | - | 84) | Parkdale Mall Associates, L.P. | - | ||
| 35) | Eastland Holding I, LLC | - | 85) | Parkway Place Limited Partnership | - | ||
| 36) | Eastland Holding II, LLC | - | 86) | Pearland Town Center GP, LLC | - | ||
| 37) | Eastland Member, LLC | - | 87) | Pearland Town Center Limited Partnership | - | ||
| 38) | GCTC Peripheral IV, LLC | - | 88) | Port Orange Holdings II, LLC | - | ||
| 39) | Hammock Landing/West Melbourne, LLC | - | 89) | Seacoast Shopping Center Limited Partnership | - | ||
| 40) | Henderson Square Limited Partnership | - | 90) | Southaven Town Center, LLC | - | ||
| 41) | Imperial Valley Commons, L.P. | - | 91) | Southpark Mall, LLC | - | ||
| 42) | Imperial Valley Mall GP, LLC | - | 92) | St. Clair Square GP I, LLC | - | ||
| 43) | Imperial Valley Mall, L.P. | - | 93) | St. Clair Square Limited Partnership | - | ||
| 44) | IV Commons, LLC | - | 94) | Tenn-GP Holdings, LLC | - | ||
| 45) | IV Outparcels, LLC | - | 95) | The Pavilion at Port Orange, LLC | - | ||
| 46) | JG Gulf Coast Town Center LLC | - | 96) | Volusia Mall GP, Inc. | - | ||
| 47) | Kirkwood Mall Mezz LLC | - | 97) | Volusia Mall Limited Partnership | - | ||
| 48) | Laurel Park Retail Holding LLC | - | 98) | WestGate Mall II, LLC | - | ||
| 49) | Lexington Joint Venture | - | 99) | WestGate Mall Limited Partnership | - | ||
| 50) | Mayfaire GP, LLC | - | 100) | CBL Regency I | - |
cbl-ex992_118.htm
Exhibit 99.2
Exhibit E
Financial Projections
FINANCIAL PROJECTIONS
In connection with the Disclosure Statement,^1^ the Debtors, with the assistance of their advisors, prepared financial projections (the “Financial Projections”) for CBL & Associates Properties, Inc. and its debtor affiliates (each, a “Debtor” and, collectively, the “Debtors”) for the fiscal years 2021 through 2025 (the “Projection Period”) for the purpose of demonstrating the feasibility of the Plan. The Financial Projections are based upon a number of assumptions made by the Debtors and their advisors with respect to the future performance of the Debtors’ operations. Although the Debtors have prepared the Financial Projections in good faith and believe the assumptions to be reasonable, there can be no assurance that such assumptions and results will be realized. As described in detail in the Disclosure Statement, a variety of risk factors could affect the Debtors’ financial results and must be considered. Accordingly, the Financial Projections should be reviewed in conjunction with the risk factors set forth in the Disclosure Statement and the assumptions described herein, including all relevant qualifications and footnotes.
The Financial Projections are based upon the internal view of the Debtors’ management of the projected financial performance conducted before the filing of these Financial Projections and may differ methodologically from historical public reporting by the Debtors (e.g., the Financial Projections herein are not in accordance with GAAP accounting). The Debtors believe that the Plan meets the feasibility requirements set forth in section 1129(a)(11) of the Bankruptcy Code, as confirmation is not likely to be followed by liquidation or the need for further financial reorganization of the Debtors or any successor under the Plan. In connection with the planning and development of the Plan and for the purposes of determining whether the Plan would satisfy this feasibility standard, the Debtors analyzed their ability to satisfy their financial obligations while maintaining sufficient liquidity and capital resources.
These Financial Projections were not prepared with a view toward compliance with published guidelines of the United States Securities and Exchange Commission or guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information. An independent auditor has not examined, compiled, or performed any procedures with respect to the prospective financial information contained in this exhibit and, accordingly, it does not express an opinion or any other form of assurance on such information or its achievability. The Debtors’ independent auditor assumes no responsibility for, and denies any association with, the prospective financial information.
Principal Assumptions for the Financial Projections
The Financial Projections reflect numerous assumptions with respect to the anticipated future performance of the Debtors, industry performance, general business and economic conditions, and other matters, many of which are beyond the control of the Debtors or their advisors. In addition, the assumptions do not take into account the uncertainty and disruption of business that may accompany a restructuring pursuant to the Bankruptcy Code.
| ^1^ | Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Disclosure Statement to which this is an exhibit or the Restructuring Support Agreement, as applicable. |
|---|
Although the Financial Projections are presented with numerical specificity, the actual results achieved during the Projection Period may materially vary from the projected results. Accordingly, no definitive representation can be or is being made with respect to the accuracy of the Financial Projections or the ability of the Debtors to achieve the projected results of operations. See “Risk Factors” in Article IX of the Disclosure Statement. For holders of Claims that are entitled to vote to accept or reject the Plan, such holders must make their own determinations as to the reasonableness of such assumptions and the reliability of the Financial Projections. See “Risk Factors” in Article IX of the Disclosure Statement. Moreover, the Financial Projections were prepared solely in connection with the Restructuring pursuant to the Restructuring Support Agreement and Plan.
In connection with the planning and development of the Plan, and for the purposes of determining whether such Plan would satisfy this feasibility standard, the Debtors analyzed their ability to satisfy their financial obligations while maintaining sufficient liquidity and capital resources. Under Accounting Standards Codification “ASC” 852, “Reorganizations”, the Debtors note that the Financial Projections reflect the operational emergence from these Chapter 11 Cases but do not reflect the full impact of “fresh start accounting” that will likely be required upon emergence. Fresh start accounting requires all assets, liabilities, and equity instruments to be determined at “fair value.” In addition to valuing assets, liabilities, and equity instruments at fair value, the Debtors will have tax professionals analyze any go forward tax implications as a result of the transactions contemplated by the Restructuring. The Financial Projections account for the Restructuring and related transactions pursuant to the Plan, including the minimum REIT distributions, but they do not account for the final analysis that will be done upon emergence. While the Debtors expect that they will be required to implement fresh start accounting upon emergence, they have not yet completed the work required to quantify the impact to the Financial Projections. When the Debtors fully implement fresh start accounting, material differences may exist in the Financial Projections.
Safe Harbor under the Private Securities Litigation Reform Act of 1995
The Financial Projections contain statements which constitute “forward-looking statements” within the meaning of the Securities Act and the Securities Exchange Act. Forward-looking statements in the Financial Projections include the intent, belief, or current expectations of the Debtors with respect to the timing of, completion of, and scope of the current restructuring, Plan, debt and equity market conditions, and the Debtors’ future liquidity, as well as the assumptions upon which such statements are based.
While the Debtors believe that the expectations are based upon reasonable assumptions within the bounds of their knowledge of their business and operations, parties in interest are cautioned that any such forward‑looking statements are not guarantees of future performance, and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.
Select Risk Factors Related to the Financial Projections
The Financial Projections are subject to inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the Debtors’ control. Many factors could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. A description of the risk factors associated with the Plan, the Disclosure Statement, and the Financial Projections is included in Article IX of the Disclosure Statement.
Financial Projections General Assumptions
| 1. | The Financial Projections were prepared based on the Company’s ownership shares in the Properties and other assets. The Debtors’ projections also include revenue and expenses that flow to the Debtors from their non-Debtor subsidiaries that are either wholly owned by the Debtors or owned in a joint venture with third parties. The following projections reflect the Debtors’ share of revenue and expenses and do not reflect ownership that would be attributable to any joint venture partners. |
|---|---|
| 2. | Plan Terms and Consummation. The Financial Projections assume the Restructuring will be consummated as of the Effective Date, which is assumed to occur no later than November 1, 2021. |
| --- | --- |
| 3. | Reorganized Capital Structure. The Financial Projections assume a reorganized capital structure pursuant to the Plan and Restructuring Support Agreement. Changes to the capital structure include the following: |
| --- | --- |
| • | The Exit Credit Facility in an aggregate principal amount of $883.7M with annual principal and interest totaling $77.5M; |
| --- | --- |
| • | In addition to principal and interest of $77.5M, there is an excess cash sweep that is calculated on a semi-annual basis. Not including the stub period of 2021, the forecast assumes excess cash flow payments to pay the Exit Credit Facility ranging from $7M to $12M annually; |
| --- | --- |
| • | Issuance of (i) $455M of New Senior Secured Notes with interest of 10%, secured by, among other assets, certain of the Company’s currently unencumbered Properties, and (ii) $100M of New Convertible Notes with interest of 7% (assuming the Convertible Notes Election is exercised in full); |
| --- | --- |
| • | Issuance of additional new money New Convertible Notes with a principal balance of $50M at an interest rate of 7%; |
| --- | --- |
| • | Equitization of the Senior Unsecured Notes in exchange for 89% of the New Common Stock and a pro rata share of $95M in cash consideration ($15M to Consenting Crossholders and $80M to holders of Unsecured Claims); and |
| --- | --- |
| • | The Company’s existing equity holders will receive up to 11% of the New Common Stock (5.5% to holders of Existing REIT Preferred Stock and 5.5% to holders of |
| --- | --- |
| Existing REIT Common Stock and holders of Existing LP Common Units (unless such holders of Existing LP Common Units instead elect to receive New LP Units)). | |
| --- | |
| 4. | Macroeconomic Factors. The Financial Projections of total revenue include a rental revenue reserve associated with the COVID-19 pandemic along with other unforeseen business interruptions. |
| --- | --- |
Income Statement Assumptions
| 1. | Annual Revenue: |
|---|---|
| • | Revenue: The Debtors’ main sources of revenue are rental revenue from tenants and from property management and development activities. Total revenue from these two sources is forecasted to increase from $638M in 2021 to $718M in 2025. In addition, the Debtors are forecasting approximately $49M in revenue driven by asset sales over the Projection Period. |
| --- | --- |
| • | Revenue Reserve: Total revenue is net of the revenue reserve which is used to estimate unforeseen business disruptions due to COVID-19 and other unforeseen business impacts. Potential issues include, among other things, bankruptcies of the Debtors’ tenants, co-tenancy issues, anchor closings and other tenant-related issues (e.g., failure to pay rent). |
| --- | --- |
| 2. | Operating Expense: |
| --- | --- |
| • | Includes property operations, real estate taxes, maintenance & repairs, & other Property-related expenses. The forecast assumes that operating expenses, which were reduced in 2021 due to the COVID-19 pandemic, will return to historic levels in the forecast. |
| --- | --- |
| 3. | Net Operating Income (“NOI”): NOI is defined as property operating revenues (i.e., rental revenues and other income) less property operating expenses (i.e., property operating, real estate taxes, maintenance, and repairs). The following reflects the Debtors’ forecast for NOI: 2021: $402M; 2022: $406M; 2023: $431M; 2024: $452M; 2025: $471M. |
| --- | --- |
| 4. | Depreciation & Amortization: |
| --- | --- |
| • | The Debtors have excluded Depreciation & Amortization from the Financial Projections, as they have not yet completed the final analysis of fresh start accounting. This will be completed by the Debtors upon emergence. |
| --- | --- |
| 5. | Other Income (Expense): |
| --- | --- |
| • | Includes income tax payment of $2.5M per year. |
| --- | --- |
| 6. | Interest Expense: |
| --- | --- |
| • | Includes both Property interest expenses and Corporate Debt interest expense, including the Exit Credit Facility and issuance of the New Senior Secured Notes and New Convertible Notes. |
| --- | --- |
| • | The forecast assumes Property debt is refinanced with the same terms at maturity. |
| --- | --- |
| 7. | Reorganization Expenses: |
| --- | --- |
| • | Includes restructuring costs of actual and estimated fees for professional advisors, financing fees, and other costs directly attributable to these Chapter 11 Cases. Reorganization expenses are estimated at $86M in 2021. |
| --- | --- |
| 8. | Gain on Extinguishment of Debt: |
| --- | --- |
| • | Gain on extinguishment of debt in 2021 is driven by certain Properties being returned to the applicable lender & debt extinguishment associated with the Restructuring Support Agreement. While the Debtors have not yet finalized the analysis on fresh start accounting, they have estimated the gain of extinguishment of debt based on the book value of these loan amounts being retired. This is an estimate and subject to ongoing review based on the final analysis of fresh start accounting. |
| --- | --- |
Balance Sheet & Statement of Cash Flow Assumptions
| 1. | Pro Forma Adjustments: |
|---|---|
| • | While the Debtors expect that they will be required to implement fresh start accounting upon emergence, they have not yet completed the work required to quantify the impact of such accounting to the Financial Projections. Therefore, adjustments to the balance sheet for fresh start accounting are preliminary and are subject to ongoing analysis. |
| --- | --- |
| 2. | Capital Expenditures: |
| --- | --- |
| • | Projections for capital expenditures were prepared with considerations of the Debtors’ revenue and expected requirements to maintain asset values going forward. Capital Expenditures are used for maintaining the Debtors’ property, developing and improving current properties and tenant improvement allowances per various current and future leases. |
| --- | --- |
| 3. | United States Treasury Conversion: |
| --- | --- |
| • | Currently, the Debtors hold approximately $233M in United States Treasuries. The Financial Projections assume the Debtors convert those to cash in order to fund emergence costs and operate their businesses. |
| --- | --- |
| 4. | Capital Structure: |
| --- | --- |
| • | The Financial Projections reflect the go-forward capital structure in accordance with the terms of the Plan and Restructuring Support Agreement. Changes include, but are |
| --- | --- |
| not limited to, the Exit Credit Facility in an aggregate principal amount of $883.7M, the issuance of $455M of New Senior Secured Notes, which the Financial Projections assume will be reduced by $50M to a balance of $405M using the cash proceeds from the issuance of the New Money Convertible Notes, and the issuance of $150M of New Convertible Notes (which assumes that $100M of New Convertible Notes are issued pursuant to the Convertible Notes Election). | |
| --- | |
| 5. | Minimum REIT Distributions: |
| --- | --- |
| • | The Financial Projections assume no tax obligations would be due in 2021 and include the minimum REIT distributions that would take place in years 2022 through 2025. These amounts are subject to change pending final tax analysis of the transaction. |
| --- | --- |
Statements of Operations:
| CBL & Associates Properties, Inc.<br><br><br>Statements of Operations At CBL Share<br><br><br>($ in Millions) | Unaudited / Not in Accordance with GAAP<br><br><br>Does Not Reflect Fresh Start Accounting or Final Cancellation of Debt Analysis | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended December 31 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||
| Forecast | Fcst | Fcst | Fcst | Fcst | Fcst | ||||||||||
| Revenues | |||||||||||||||
| Rental Revenues & Other income | 634 | 642 | 669 | 692 | 713 | ||||||||||
| Management, Development and Leasing Fees | 4 | 4 | 4 | 4 | 4 | ||||||||||
| Total Revenues | 638 | 645 | 673 | 696 | 718 | ||||||||||
| Operating Expenses | |||||||||||||||
| Property Operating, Real Estate Taxes, Maintenance & Repairs | (232 | ) | (235 | ) | (238 | ) | (240 | ) | (242 | ) | |||||
| General & Administrative | (58 | ) | (58 | ) | (56 | ) | (56 | ) | (56 | ) | |||||
| Total Operating Expenses | (290 | ) | (293 | ) | (294 | ) | (296 | ) | (298 | ) | |||||
| Net Operating Income ^(1)^ | 402 | 406 | 431 | 452 | 471 | ||||||||||
| Other Income (Expenses) | |||||||||||||||
| Other Income | 2 | 2 | 2 | 2 | 2 | ||||||||||
| Interest Expense | (99 | ) | (164 | ) | (158 | ) | (153 | ) | (149 | ) | |||||
| Reorganization Items | (86 | ) | - | - | - | - | |||||||||
| Gain on Extinguishment of Debt ^(2)^ | 892 | - | - | - | - | ||||||||||
| Gain on Sales of Assets | 22 | 9 | 6 | 6 | 6 | ||||||||||
| Income tax benefit (provision) | (3 | ) | (3 | ) | (3 | ) | (3 | ) | (3 | ) | |||||
| Total Other Income (Expenses) | 729 | (155 | ) | (152 | ) | (148 | ) | (143 | ) | ||||||
| Net Income | 1,077 | 197 | 227 | 252 | 276 |
^(1)^ NOI is defined as property operating revenues (i.e., rental revenues and other income) less property operating expenses (i.e., property operating real estate taxes, maintenance, and repairs).
^(2)^ Gain on Extinguishment of Debt does not reflect final fresh start accounting analysis
Statements of Cash Flows:
| CBL & Associates Properties, Inc.<br><br><br>Statements of Cash Flows At CBL Share<br><br><br>($ in Millions) | Unaudited / Not in Accordance with GAAP<br><br><br>Does Not Reflect Fresh Start Accounting or Final Cancellation of Debt Analysis | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended December 31 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||
| Forecast | Fcst | Fcst | Fcst | Fcst | Fcst | ||||||||||
| Cash Flow from Operating Activities | |||||||||||||||
| Net Income (loss) | 1,077 | 197 | 227 | 252 | 276 | ||||||||||
| Change in Tenant & Other Receivables | 21 | - | - | - | - | ||||||||||
| Change in Accounts Payable and Accrued Liabilities | (27 | ) | - | - | - | - | |||||||||
| Gain on Extinguishment of Debt ^(1)^ | (904 | ) | - | - | - | - | |||||||||
| Net Cash Provided (Used) by Operating Activities | 168 | 197 | 227 | 252 | 276 | ||||||||||
| Cash Flow from Investing Activities | |||||||||||||||
| Additions to Real Estate Assets | (55 | ) | (43 | ) | (47 | ) | (56 | ) | (63 | ) | |||||
| Change in Investment in US Treasuries | 233 | - | - | - | - | ||||||||||
| Change in Other Assets (Includes Maintenance CapEx) | 3 | (25 | ) | (22 | ) | (18 | ) | (18 | ) | ||||||
| Investments in Unconsolidated Affiliates | 4 | - | - | - | - | ||||||||||
| Net Cash Provided (Used) by Investing Activities | 186 | (68 | ) | (69 | ) | (75 | ) | (81 | ) | ||||||
| Cash Flow from Financing Activites | |||||||||||||||
| Dividends/Distributions | - | (15 | ) | (20 | ) | (25 | ) | (29 | ) | ||||||
| Proceeds from Mortgage & Other Indebtedness ^(1)^ | 1,052 | - | - | - | - | ||||||||||
| Principal Pmts on Mortgage & Other Indebtedness ^(1)^ | (1,298 | ) | (97 | ) | (104 | ) | (111 | ) | (118 | ) | |||||
| Net Cash Provided (Used) by Financing Activities | (246 | ) | (112 | ) | (124 | ) | (136 | ) | (147 | ) | |||||
| Net Cash Flow | 108 | 17 | 34 | 42 | 49 | ||||||||||
| Beginning Cash Balance | 89 | 197 | 214 | 248 | 290 | ||||||||||
| Net Cash Flow | 108 | 17 | 34 | 42 | 49 | ||||||||||
| Cash Balance | 197 | 214 | 248 | 290 | 339 |
^(1)^ Includes impact of extinguishment of debt due to restructuring. Does not reflect final fresh start accounting analysis.
Balance Sheets:
| CBL & Associates Properties, Inc.<br><br><br>Balance Sheets At CBL Share<br><br><br>($ in Millions) | Unaudited / Not in Accordance with GAAP<br><br><br>Does Not Reflect Fresh Start Accounting or Final Cancellation of Debt Analysis | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of December 31 | 2021 | 2022 | 2023 | 2024 | 2025 | |||||
| Forecast | Fcst | Fcst | Fcst | Fcst | Fcst | |||||
| Assets ^(1)^ | ||||||||||
| Net Investment in Real Estate Assets | 3,151 | 2,998 | 2,854 | 2,727 | 2,617 | |||||
| Cash & Cash Equivalents | 197 | 214 | 248 | 290 | 339 | |||||
| Other Assets | 273 | 285 | 297 | 308 | 322 | |||||
| Total Assets | 3,621 | 3,497 | 3,399 | 3,325 | 3,278 | |||||
| Liabilities & Equity ^(1)^ | ||||||||||
| Mortgage and other indebtedness, net | 3,063 | 2,965 | 2,861 | 2,750 | 2,633 | |||||
| Accounts payable and accrued liabilities | 233 | 234 | 234 | 234 | 234 | |||||
| Total Liabilities | 3,296 | 3,199 | 3,095 | 2,984 | 2,866 | |||||
| Equity | 325 | 298 | 304 | 341 | 412 | |||||
| Total Liabilities & Equity | 3,621 | 3,497 | 3,399 | 3,325 | 3,278 |
^(1)^ Balance sheet does not reflect final fresh start accounting analysis.
cbl-ex993_117.htm
Exhibit 99.3
Exhibit F
Valuation Analysis
REORGANIZED DEBTORS VALUATION ANALYSIS^1^
THE VALUATION INFORMATION CONTAINED HEREIN IS NOT A PREDICTION OR GUARANTEE OF THE ACTUAL MARKET VALUE THAT MAY BE REALIZED THROUGH THE SALE OF ANY SECURITIES TO BE ISSUED PURSUANT TO THE PLAN. THIS VALUATION IS PRESENTED SOLELY FOR THE PURPOSE OF PROVIDING ADEQUATE INFORMATION AS REQUIRED BY SECTION 1125 OF THE BANKRUPTCY CODE TO ENABLE THE HOLDERS OF CLAIMS OR INTERESTS ENTITLED TO VOTE TO ACCEPT OR REJECT THE PLAN TO MAKE AN INFORMED JUDGMENT ABOUT THE PLAN AND SHOULD NOT BE USED OR RELIED UPON FOR ANY OTHER PURPOSE, INCLUDING THE PURCHASE OR SALE OF CLAIMS AGAINST OR INTERESTS IN THE DEBTORS.
At the Debtors’ request, Moelis & Company LLC (“Moelis”) performed a valuation analysis of the Reorganized Debtors (the “Valuation Analysis”).
Based upon and subject to the review and analysis described herein, and subject to the assumptions, limitations and qualifications described herein, Moelis’ view, as of April 21, 2021, was that the estimated going concern equity value of the Reorganized Debtors, as of an assumed valuation date, for purposes of Moelis’ valuation analysis, of June 30, 2021 (the “Assumed Valuation Date”), would be in a range between $50 million and $550 million. The midpoint of our equity valuation range is $300 million.
Moelis’ views are necessarily based on economic, monetary, market, and other conditions as in effect on, and the information made available to Moelis as of the date of its analysis (April 21, 2021). As you are aware, the credit, financial and stock markets have been experiencing unusual volatility, and Moelis expresses no opinion or view as to any potential effects of such volatility on the Reorganized Debtors or their value. It should be understood that, although subsequent developments may affect Moelis’ views, Moelis does not have any obligation to update, revise, or reaffirm its analysis or its estimate.
At the Debtors’ direction, Moelis’ analysis is based on a number of assumptions, including, among others, that: (i) the Debtors will be reorganized in accordance with the Plan, (ii) the Reorganized Debtors will achieve the results set forth in the financial projections prepared by the Debtors’ management attached as Exhibit E to this Disclosure Statement (the “Financial Projections”) for 2021 through 2025 (the “Projection Period”) provided to Moelis by the Debtors, (iii) the Reorganized Debtors’ capitalization and available cash will be as set forth in the Plan and this Disclosure Statement, and (iv) the Reorganized Debtors will be able to obtain all future financings on the terms and at the times necessary to achieve the results set forth in the Financial Projections. Moelis makes no representation as to the achievability or reasonableness of such assumptions. In addition, based on the information available to Moelis, Moelis assumed that there will be no material change in economic, monetary, market, and other conditions as in effect as of the Assumed Valuation Date.
| ^1^ | Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Disclosure Statement. |
|---|
At the Debtors’ direction, Moelis assumed that the Financial Projections prepared by the Debtors’ management were reasonably prepared on a basis reflecting the best currently available estimates and judgments of the Debtors’ management as to the future, financial and operating performance of the Reorganized Debtors. The future results of the Reorganized Debtors are dependent upon various factors, many of which are beyond the control or knowledge of the Debtors, and consequently are inherently difficult to project. The Reorganized Debtors’ actual future results may differ materially (positively or negatively) from the Financial Projections and, as a result, the actual equity value of the Reorganized Debtors may be materially higher or lower than the estimated range herein. Among other things, failure to consummate the Plan in a timely manner may have a materially negative impact on the equity value of the Reorganized Debtors.
The estimated equity value set forth in this Valuation Analysis represents a hypothetical equity value of the Reorganized Debtors, as the continuing operators of the business and their assets, after giving effect to the Plan based on consideration of certain valuation methodologies as described below. The estimated equity value in this Valuation Analysis does not purport to constitute an appraisal or necessarily reflect the actual market value that might be realized through a sale or liquidation of the Reorganized Debtors, their securities, or their assets, which may be materially higher or lower than the estimated value range set forth herein. The actual value of an operating business such as the Reorganized Debtors’ business is subject to uncertainties and contingencies that are difficult to predict and will fluctuate with changes in various factors affecting the financial condition and prospects of such a business.
In conducting its analysis, Moelis, among other things: (i) reviewed certain publicly available business and financial information relating to the Reorganized Debtors that Moelis deemed relevant; (ii) reviewed the Financial Projections, furnished to Moelis by the Debtors; (iii) conducted discussions with members of senior management and representatives of the Debtors concerning the matters described in clauses (i) and (ii) of this paragraph, as well as their views concerning the Debtors’ business prospects before giving effect to the Plan, and the Reorganized Debtors’ business and prospects after giving effect to the Plan; (iv) reviewed publicly available financial and stock market data for certain other companies in lines of business that Moelis deemed relevant; (v) reviewed publicly available financial data for certain transactions that Moelis deemed relevant; and (vi) conducted such other financial studies and analyses and took into account such other information as Moelis deemed appropriate. In connection with its review, Moelis did not assume any responsibility for independent verification of (and did not independently verify) any of the information supplied to, discussed with, or reviewed by Moelis and, with the consent of the Debtors, relied on such information being complete and accurate in all material respects. In addition, at the direction of the Debtors, Moelis did not make any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, tax-related or otherwise) of the Reorganized Debtors. Moelis also assumed, with the Debtors’ consent, that the final form of the Plan will not differ in any material respect to its analysis from the final draft that Moelis reviewed.
The estimated equity value in this Valuation Analysis does not constitute a recommendation to any Holder of a Claim or Interest as to how such Holder of a Claim or Interest should vote or otherwise act with respect to the Plan. Moelis has not been asked to and does not express any view as to what the trading value of the Reorganized Debtors’ securities would be when issued pursuant
to the Plan or the prices at which they may trade in the future. The estimated equity value set forth herein does not constitute an opinion as to fairness from a financial point of view to any Holder of a Claim or Interest of the consideration to be received by such Holder of a Claim or Interest under the Plan or of the terms and provisions of the Plan.
[Remainder of page intentionally left blank]
Valuation Methodologies
In preparing its valuation, Moelis performed a variety of financial analyses and considered a variety of factors. The following is a brief summary of the material financial analyses performed by Moelis, which consisted of (a) a selected publicly traded companies analysis, (b) a discounted unlevered cash flow analysis, and (c) a discounted levered cash flow analysis. This summary does not purport to be a complete description of the analyses performed and factors considered by Moelis. The preparation of a valuation analysis is a complex, analytical process involving various judgmental determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods to particular facts and circumstances, and such analyses and judgments are not readily susceptible to summary description. As such, Moelis’ valuation analysis must be considered as a whole. Reliance on only one of the methodologies used, or portions of the analysis performed, could create a misleading or incomplete conclusion as to enterprise value.
| A. | Selected Publicly Traded Companies Analysis. The selected publicly traded companies analysis is based on the private market cap rates (calculated as net operating income divided by private market value of real estate) of selected publicly traded mall real estate investment trusts that have operating and financial characteristics comparable in certain respects to the Reorganized Debtors. For example, such characteristics may include similar size, margins, financial leverage, business model, geographic footprint, end-users, and asset profile. Under this methodology, Moelis applied a relevant cap rate range to the Reorganized Debtors’ pro rata net operating income to derive a range of potential values of the business of the Reorganized Debtors. |
|---|
Although the selected companies were used for comparison purposes, no selected publicly traded company is either identical or directly comparable to the business of the Reorganized Debtors. Accordingly, Moelis’ comparison of selected publicly traded companies to the business of the Reorganized Debtors and analysis of the results of such comparisons was not purely mathematical, but instead involved considerations and judgments concerning differences in operating and financial characteristics and other factors that could affect the relative values of the selected publicly traded companies and the Reorganized Debtors. The selection of appropriate companies for this analysis is a matter of judgment and subject to limitations due to sample size and the public availability of meaningful, market-based information.
| B. | Discounted Unlevered Cash Flow Analysis. The discounted unlevered cash flow (“DUCF”) analysis is an enterprise valuation methodology that estimates the value of an asset or business by calculating the estimated present value of expected future cash flows to be generated by that asset or business plus an estimated present value of the estimated terminal value of that asset or business. Moelis calculated debt-free, after-tax free cash flows for the Reorganized Debtors through December 31, 2025, utilizing the Financial Projections. These free cash flows were then discounted using an unlevered discount rate (the “Unlevered Discount Rate”) based on a range of the estimated, weighted average cost of capital for the Reorganized Debtors. In determining the estimated terminal value of the Reorganized Debtors, Moelis utilized the perpetuity growth method which estimates a range of values of the Reorganized Debtors at the end of the Projection Period based on applying a perpetuity growth rate to final year cash flows. |
|---|
To determine the Unlevered Discount Rate, Moelis used the estimated cost of equity and the estimated after-tax cost of debt for the Reorganized Debtors, assuming a targeted, long-term, debt-to-total capitalization ratio based on debt-to-capitalization ratios of the selected publicly traded companies. Moelis estimated the cost of equity for the Reorganized Debtors based on: (i) a range of target returns for distressed/opportunistic real estate investment funds; (ii) the capital asset pricing model, which assumes that the expected equity return is a function of the risk-free rate, equity risk premium, and the correlation of the stock performance of certain of the selected publicly traded companies to the return on the broader market over a 2-year and 5-year period, and an adjustment related to the estimated equity market capitalization of the Reorganized Debtors, which reflects the historical equity risk premium of small, medium, and large equity market capitalization companies; and (iii) the cost of equity implied across a range of Cap Rates, a range of debt-to-total capitalization ratios, and a fixed cost of debt. To estimate the cost of debt, Moelis held discussions with its capital markets team and determined a cost of debt rate based on the Reorganized Debtors’ size, industry, geographic footprint, cash flow profile, current market environment and long-term corporate credit yield-to-worst rates. In estimating a range of perpetuity growth rates for its DUCF analysis, Moelis took into account expected global long-term GDP growth rates and held discussions with the Debtors to estimate the long-term trends of their industry. Certain of the data generated may not reflect the impact of COVID-19 or may reflect unusual volatility. The DUCF valuation ranges produced using these estimated WACC ranges are subject to the limitations to the data described by the foregoing, and, if the impact of COVID-19 were reflected in such data and/or certain of the data experiencing unusual volatility were to return to pre-COVID-19 levels, the discounted cash flow valuation ranges would likely be significantly different.
| C. | Discounted Levered Cash Flow Analysis. The discounted levered cash flow (“DLCF”) analysis is an equity valuation methodology that estimates the equity value of an asset or business by calculating the estimated present value of expected future cash flows after debt service to be generated by that asset or business plus an estimated present value of the estimated terminal value of that asset or business. Moelis calculated levered cash flows for the Reorganized Debtors through December 31, 2025, utilizing the Financial Projections. These free cash flows were then discounted using a levered discount rate (the “Levered Discount Rate”) equivalent to the cost of equity used for WACC. In determining the estimated terminal value of the Reorganized Debtors, Moelis utilized the perpetuity growth method which estimates a range of values of the Reorganized Debtors at the end of the Projection Period based on applying a perpetuity growth rate to final year cash flows. |
|---|
Certain of the data generated may not reflect the impact of COVID-19 or may reflect unusual volatility. The DLCF valuation ranges produced using these estimated ranges are subject to the limitations to the data described by the foregoing, and, if the impact of COVID-19 were reflected in such data and/or certain of the data experiencing unusual volatility were to return to pre-COVID-19 levels, the discounted cash flow valuation ranges would likely be significantly different.
Reorganized Debtors - Valuation Considerations
The estimated equity value in this section is not necessarily indicative of actual value, which may be significantly higher or lower than the ranges set forth herein. Accordingly, none of the Debtors, Moelis or any other person assumes responsibility for the accuracy of such estimated equity value. Depending on the actual financial results of the Debtors or changes in the economy and the financial markets, the equity value of the Reorganized Debtors as of the Assumed Valuation Date may differ from the estimated equity value set forth in this Valuation Analysis. In addition, the market prices, to the extent there is a market, of the Reorganized Debtors’ securities will depend upon, among other things, prevailing interest rates, conditions in the economy and the financial markets, the investment decisions of prepetition creditors receiving such securities under the Plan (some of whom may prefer to liquidate their investment rather than hold it on a long-term basis), and other factors that generally influence the prices of securities.