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 Analysis1 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: |
| 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. CBL - Consolidating Debtor Entities - Ch. 7 Liquidation Analysis $ in Millions |
|
|
|
|
|
|
|
|
|
| De - Consolidated | |||
|
|
|
|
|
|
|
|
|
| |||
|
|
| Net Book |
| Recovery % |
| Recovery $ | |||||
| Consolidating Debtor Entities |
| Value (1) |
| Low |
| High |
| Low |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 2,484 |
| 46.0% |
| 51.4% |
| 1,142 |
| 1,278 |
|
2.) | Subtotal |
| 2,484 |
| 46.0% |
| 51.4% |
| 1,142 |
| 1,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 30 |
| 60.0% |
| 70.0% |
| 18 |
| 21 |
|
4.) | Dividends from Non-Debtor Subsidiaries |
| 61-91 |
| 100.0% |
| 100.0% |
| 61 |
| 91 |
|
5.) | Cash and Cash Equivalents (1) |
| 465 |
| 100.0% |
| 100.0% |
| 465 |
| 465 |
|
6.) | Tenant Receivables (2) |
| 64 |
| 37.0% |
| 42.0% |
| 24 |
| 27 |
|
7.) | Outstanding Receivables |
| 3 |
| 40.0% |
| 50.0% |
| 1 |
| 1 |
|
8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) |
| 2 |
| 85.0% |
| 90.0% |
| 2 |
| 2 |
|
9.) | Investments in Unconsolidated Affiliates |
| 193 |
| 0.0% |
| 1.5% |
| - |
| 3 |
|
10.) | Recovery on Non-Debtor Intercompany Claims |
| 65-72 |
| 100.0% |
| 100.0% |
| 65 |
| 72 |
|
11.) | Intangible Lease Assets and Other assets |
| 64 |
| 2.5% |
| 5.0% |
| 2 |
| 3 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 947-984 |
| 67.4% |
| 69.7% |
| 638 |
| 685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 1,780 |
| 1,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 307 |
| 312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 1,473 |
| 1,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 56.1% |
| 62.8% |
| 625 |
| 700 |
|
16.) | Subtotal |
| 1,115 |
| 56.1% |
| 62.8% |
| 625 |
| 700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 848 |
| 951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Unsecured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
17.) | Senior Unsecured Notes |
| 1,375 |
| 28.9% |
| 32.5% |
| 398 |
| 447 |
|
18.) | First Lien Credit Facility Deficiency Claim |
| 1,115 |
| 28.9% |
| 32.5% |
| 322 |
| 362 |
|
19.) | Property Specific Non-CMBS Properties Guarantee |
| 191-191 |
| 28.9% |
| 32.5% |
| 55 |
| 62 |
|
20.) | CMBS Properties Guarantee |
| 438-438 |
| 11.6% |
| 12.9% |
| 51 |
| 57 |
|
21.) | Accounts Payable and Accrued Liabilities |
| 56 |
| 39.3% |
| 41.8% |
| 22 |
| 23 |
|
22.) | Subtotal |
| 3,175 |
|
|
|
|
| 848 |
| 951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 26.7% |
| 29.9% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 948 |
| 1,062 |
| |
Recovery % |
|
|
|
|
|
|
| 85.0% |
| 95.2% |
| |
Property Specific Non-CMBS Properties |
|
|
|
|
|
|
| 55 |
| 62 |
| |
Recovery % |
|
|
| �� |
|
|
| 3.8% |
| 4.2% |
| |
CMBS Properties |
|
|
|
|
|
|
| 51 |
| 57 |
| |
Recovery % |
|
|
|
|
|
|
| 4.4% |
| 4.9% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
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 |
| 651 |
|
5.) | Cash and Cash Equivalents (1) |
| 327 |
| 100.0% |
| 100.0% |
| 327 |
| 327 |
|
6.) | Tenant Receivables (2) |
| - |
| 37.0% |
| 42.0% |
| - |
| - |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 0 |
| 0 |
|
8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) |
| - |
| 85.0% |
| 90.0% |
| - |
| - |
|
9.) | Investments in Unconsolidated Affiliates |
| 182 |
| 0.0% |
| 1.5% |
| - |
| 3 |
|
10.) | Recovery on Intercompany Claims |
| 4-4 |
| 100.0% |
| 100.0% |
| 4 |
| 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 |
| 985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 887 |
| 985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 60 |
| 56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 827 |
| 929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 827 |
| 929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Unsecured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
16.) | Senior Unsecured Notes |
| 1,375 |
| 28.9% |
| 32.5% |
| 398 |
| 447 |
|
17.) | First Lien Credit Facility Deficiency Claim |
| 1,115 |
| 28.9% |
| 32.5% |
| 322 |
| 362 |
|
18.) | Property Specific Non-CMBS Properties Guarantee |
| 191-191 |
| 28.9% |
| 32.5% |
| 55 |
| 62 |
|
19.) | CMBS Properties Guarantee |
| 139-139 |
| 28.9% |
| 32.5% |
| 40 |
| 45 |
|
20.) | Accounts Payable and Accrued Liabilities |
| 40 |
| 28.9% |
| 32.5% |
| 12 |
| 13 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 2,860 |
|
|
|
|
| 827 |
| 929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 28.9% |
| 32.5% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 322 |
| 362 |
| |
Recovery % |
|
|
|
|
|
|
| 28.9% |
| 32.5% |
| |
Property Specific Non-CMBS Properties Guarantee |
|
|
|
|
|
|
| 55 |
| 62 |
| |
Recovery % |
|
|
|
|
|
|
| 3.8% |
| 4.2% |
| |
CMBS Properties Guarantee |
|
|
|
|
|
|
| 40 |
| 45 |
| |
Recovery % |
|
|
|
|
|
|
| 3.5% |
| 3.9% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 97 |
| 51.7% |
| 57.7% |
| 50 |
| 56 |
|
2.) | Subtotal |
| 97 |
| 51.7% |
| 57.7% |
| 50 |
| 56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 8 |
| 60.0% |
| 70.0% |
| 5 |
| 6 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents |
| 6 |
| 100.0% |
| 100.0% |
| 6 |
| 6 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 25 |
| 47.9% |
| 52.3% |
| 12 |
| 13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 62 |
| 69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 12 |
| 12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 51 |
| 57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 4.5% |
| 5.1% |
| 51 |
| 57 |
|
16.) | Subtotal |
| 1,115 |
| 4.5% |
| 5.1% |
| 51 |
| 57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 51 |
| 57 |
| |
Recovery % |
|
|
|
|
|
|
| 4.5% |
| 5.1% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 19 |
| 146.5% |
| 163.8% |
| 28 |
| 32 |
|
2.) | Subtotal |
| 19 |
| 146.5% |
| 163.8% |
| 28 |
| 32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 8 |
| 60.0% |
| 70.0% |
| 5 |
| 6 |
|
4.) | Dividends from Subsidiaries |
| 7-13 |
| 100.0% |
| 100.0% |
| 7 |
| 13 |
|
5.) | Cash and Cash Equivalents (1) |
| 2 |
| 100.0% |
| 100.0% |
| 2 |
| 2 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 0 |
| 0 |
|
7.) | Outstanding Receivables |
| 1 |
| 40.0% |
| 50.0% |
| 0 |
| 1 |
|
8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) |
| 2 |
| 85.0% |
| 90.0% |
| 2 |
| 2 |
|
9.) | Investments in Unconsolidated Affiliates |
| 8 |
| 0.0% |
| 1.5% |
| - |
| 0 |
|
10.) | Recovery on Intercompany Claims |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
11.) | Intangible Lease Assets and Other assets |
| 20 |
| 2.5% |
| 5.0% |
| 1 |
| 1 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 49-55 |
| 33.9% |
| 43.3% |
| 17 |
| 24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 45 |
| 55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 15 |
| 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 30 |
| 40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 30 |
| 40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 4 |
|
22.) | Subtotal |
| 4 |
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 26 |
| 36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 26 |
| 36 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 123 |
| 69.7% |
| 77.9% |
| 86 |
| 96 |
|
2.) | Subtotal |
| 123 |
| 69.7% |
| 77.9% |
| 86 |
| 96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 13 |
|
6.) | Tenant Receivables (2) |
| 4 |
| 37.0% |
| 42.0% |
| 1 |
| 2 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 17 |
| 83.3% |
| 84.4% |
| 14 |
| 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 100 |
| 110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 14 |
| 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 86 |
| 96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 7.7% |
| 8.6% |
| 86 |
| 96 |
|
16.) | Subtotal |
| 1,115 |
| 7.7% |
| 8.6% |
| 86 |
| 96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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% |
| 0.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 86 |
| 96 |
| |
Recovery % |
|
|
|
|
|
|
| 7.7% |
| 8.6% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 105 |
| 74.9% |
| 83.7% |
| 78 |
| 87 |
|
2.) | Subtotal |
| 105 |
| 74.9% |
| 83.7% |
| 78 |
| 87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 8 |
|
6.) | Tenant Receivables (2) |
| 3 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 87 |
| 96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 13 |
| 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 74 |
| 83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 6.6% |
| 7.4% |
| 74 |
| 83 |
|
16.) | Subtotal |
| 1,115 |
| 6.6% |
| 7.4% |
| 74 |
| 83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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% |
| 0.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 74 |
| 83 |
| |
Recovery % |
|
|
|
|
|
|
| 6.6% |
| 7.4% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 51 |
| 106.3% |
| 118.8% |
| 54 |
| 60 |
|
2.) | Subtotal |
| 51 |
| 106.3% |
| 118.8% |
| 54 |
| 60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 7 |
|
6.) | Tenant Receivables (2) |
| 3 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 10 |
| 76.9% |
| 78.6% |
| 8 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 62 |
| 68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 9 |
| 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 53 |
| 59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 4.7% |
| 5.3% |
| 53 |
| 59 |
|
16.) | Subtotal |
| 1,115 |
| 4.7% |
| 5.3% |
| 53 |
| 59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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% |
| 0.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 53 |
| 59 |
| |
Recovery % |
|
|
|
|
|
|
| 4.7% |
| 5.3% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 73 |
| 52.4% |
| 58.6% |
| 38 |
| 43 |
|
2.) | Subtotal |
| 73 |
| 52.4% |
| 58.6% |
| 38 |
| 43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 9 |
| 75.1% |
| 76.8% |
| 7 |
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 45 |
| 49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 8 |
| 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 36 |
| 41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 3.2% |
| 3.6% |
| 36 |
| 41 |
|
16.) | Subtotal |
| 1,115 |
| 3.2% |
| 3.6% |
| 36 |
| 41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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% |
| 0.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 36 |
| 41 |
| |
Recovery % |
|
|
|
|
|
|
| 3.2% |
| 3.6% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 62 |
| 63.7% |
| 71.1% |
| 40 |
| 44 |
|
2.) | Subtotal |
| 62 |
| 63.7% |
| 71.1% |
| 40 |
| 44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 4 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 7 |
| 69.4% |
| 71.1% |
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 45 |
| 50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 7 |
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 37 |
| 42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 37 |
| 42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 37 |
| 42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 37 |
| 42 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 112 |
| 35.0% |
| 39.1% |
| 39 |
| 44 |
|
2.) | Subtotal |
| 112 |
| 35.0% |
| 39.1% |
| 39 |
| 44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 1 |
| 60.0% |
| 70.0% |
| 1 |
| 1 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 5 |
| 100.0% |
| 100.0% |
| 5 |
| 5 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 11 |
| 63.5% |
| 66.1% |
| 7 |
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 46 |
| 51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 7 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 39 |
| 44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 3.5% |
| 3.9% |
| 39 |
| 44 |
|
16.) | Subtotal |
| 1,115 |
| 3.5% |
| 3.9% |
| 39 |
| 44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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% |
| 0.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 39 |
| 44 |
| |
Recovery % |
|
|
|
|
|
|
| 3.5% |
| 3.9% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 73 |
| 51.6% |
| 57.6% |
| 38 |
| 42 |
|
2.) | Subtotal |
| 73 |
| 51.6% |
| 57.6% |
| 38 |
| 42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 6 |
| 100.0% |
| 100.0% |
| 6 |
| 6 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 17 |
| 41.1% |
| 42.9% |
| 7 |
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 45 |
| 49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 7 |
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 38 |
| 43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 3.4% |
| 3.8% |
| 38 |
| 43 |
|
16.) | Subtotal |
| 1,115 |
| 3.4% |
| 3.8% |
| 38 |
| 43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 38 |
| 43 |
| |
Recovery % |
|
|
|
|
|
|
| 3.4% |
| 3.8% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 70 |
| 71.6% |
| 80.0% |
| 50 |
| 56 |
|
2.) | Subtotal |
| 70 |
| 71.6% |
| 80.0% |
| 50 |
| 56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 4 |
| 100.0% |
| 100.0% |
| 4 |
| 4 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 7 |
| 75.1% |
| 77.0% |
| 5 |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 56 |
| 62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 7 |
| 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 48 |
| 53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 48 |
| 53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 48 |
| 53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 48 |
| 53 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 127 |
| 29.7% |
| 33.2% |
| 38 |
| 42 |
|
2.) | Subtotal |
| 127 |
| 29.7% |
| 33.2% |
| 38 |
| 42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 5 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 9 |
| 64.8% |
| 66.8% |
| 6 |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 43 |
| 48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 7 |
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 37 |
| 41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 3.3% |
| 3.7% |
| 37 |
| 41 |
|
16.) | Subtotal |
| 1,115 |
| 3.3% |
| 3.7% |
| 37 |
| 41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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% |
| 0.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 37 |
| 41 |
| |
Recovery % |
|
|
|
|
|
|
| 3.3% |
| 3.7% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 95 |
| 28.5% |
| 31.8% |
| 27 |
| 30 |
|
2.) | Subtotal |
| 95 |
| 28.5% |
| 31.8% |
| 27 |
| 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 4 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 7 |
| 72.9% |
| 74.4% |
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 32 |
| 36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 27 |
| 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 2.4% |
| 2.7% |
| 27 |
| 30 |
|
16.) | Subtotal |
| 1,115 |
| 2.4% |
| 2.7% |
| 27 |
| 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 27 |
| 30 |
| |
Recovery % |
|
|
|
|
|
|
| 2.4% |
| 2.7% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 87 |
| 43.4% |
| 48.5% |
| 38 |
| 42 |
|
2.) | Subtotal |
| 87 |
| 43.4% |
| 48.5% |
| 38 |
| 42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 7 |
| 100.0% |
| 100.0% |
| 7 |
| 7 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 9 |
| 78.6% |
| 79.7% |
| 7 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 45 |
| 50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 7 |
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 38 |
| 43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 3.4% |
| 3.8% |
| 38 |
| 43 |
|
16.) | Subtotal |
| 1,115 |
| 3.4% |
| 3.8% |
| 38 |
| 43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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% |
| 0.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 38 |
| 43 |
| |
Recovery % |
|
|
|
|
|
|
| 3.4% |
| 3.8% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 71 |
| 38.2% |
| 42.7% |
| 27 |
| 31 |
|
2.) | Subtotal |
| 71 |
| 38.2% |
| 42.7% |
| 27 |
| 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 5 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 7 |
| 81.8% |
| 83.1% |
| 6 |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 33 |
| 37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 7 |
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 26 |
| 29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 2.3% |
| 2.6% |
| 26 |
| 29 |
|
16.) | Subtotal |
| 1,115 |
| 2.3% |
| 2.6% |
| 26 |
| 29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 26 |
| 29 |
| |
Recovery % |
|
|
|
|
|
|
| 2.3% |
| 2.6% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 17 |
| 135.5% |
| 151.4% |
| 24 |
| 26 |
|
2.) | Subtotal |
| 17 |
| 135.5% |
| 151.4% |
| 24 |
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 4 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 6 |
| 78.7% |
| 80.2% |
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 28 |
| 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 24 |
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 2.1% |
| 2.4% |
| 24 |
| 26 |
|
16.) | Subtotal |
| 1,115 |
| 2.1% |
| 2.4% |
| 24 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 24 |
| 26 |
| |
Recovery % |
|
|
|
|
|
|
| 2.1% |
| 2.4% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 49 |
| 48.5% |
| 54.3% |
| 24 |
| 27 |
|
2.) | Subtotal |
| 49 |
| 48.5% |
| 54.3% |
| 24 |
| 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) |
| 1 |
| 100.0% |
| 100.0% |
| 1 |
| 1 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 0 |
| 1 |
|
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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 3 |
| 59.3% |
| 61.9% |
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 26 |
| 28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 22 |
| 24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 22 |
| 24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 21 |
| 24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 21 |
| 24 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 24 |
| 102.3% |
| 114.3% |
| 24 |
| 27 |
|
2.) | Subtotal |
| 24 |
| 102.3% |
| 114.3% |
| 24 |
| 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 |
| 4 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 6 |
| 78.1% |
| 79.7% |
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 29 |
| 32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 24 |
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 2.1% |
| 2.4% |
| 24 |
| 27 |
|
16.) | Subtotal |
| 1,115 |
| 2.1% |
| 2.4% |
| 24 |
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 24 |
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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% |
| 0.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 24 |
| 27 |
| |
Recovery % |
|
|
|
|
|
|
| 2.1% |
| 2.4% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 51 |
| 41.9% |
| 46.8% |
| 21 |
| 24 |
|
2.) | Subtotal |
| 51 |
| 41.9% |
| 46.8% |
| 21 |
| 24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 2 |
| 100.0% |
| 100.0% |
| 2 |
| 2 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 0 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 4 |
| 66.7% |
| 69.0% |
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 24 |
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 20 |
| 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 20 |
| 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 20 |
| 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 20 |
| 23 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 37 |
| 62.5% |
| 69.8% |
| 23 |
| 26 |
|
2.) | Subtotal |
| 37 |
| 62.5% |
| 69.8% |
| 23 |
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 4 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 0 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 5 |
| 79.4% |
| 80.8% |
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 28 |
| 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 23 |
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 2.1% |
| 2.3% |
| 23 |
| 26 |
|
16.) | Subtotal |
| 1,115 |
| 2.1% |
| 2.3% |
| 23 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 23 |
| 26 |
| |
Recovery % |
|
|
|
|
|
|
| 2.1% |
| 2.3% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 72 |
| 13.4% |
| 14.9% |
| 10 |
| 11 |
|
2.) | Subtotal |
| 72 |
| 13.4% |
| 14.9% |
| 10 |
| 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 2 |
| 100.0% |
| 100.0% |
| 2 |
| 2 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 4 |
| 69.9% |
| 71.9% |
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 13 |
| 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 9 |
| 10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 0.8% |
| 0.9% |
| 9 |
| 10 |
|
16.) | Subtotal |
| 1,115 |
| 0.8% |
| 0.9% |
| 9 |
| 10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 9 |
| 10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 9 |
| 10 |
| |
Recovery % |
|
|
|
|
|
|
| 0.8% |
| 0.9% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 20 |
| 95.6% |
| 106.8% |
| 19 |
| 21 |
|
2.) | Subtotal |
| 20 |
| 95.6% |
| 106.8% |
| 19 |
| 21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 3 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 0 |
| 0 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 5 |
| 73.4% |
| 74.9% |
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 22 |
| 25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 19 |
| 21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 1.7% |
| 1.9% |
| 19 |
| 21 |
|
16.) | Subtotal |
| 1,115 |
| 1.7% |
| 1.9% |
| 19 |
| 21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 19 |
| 21 |
| |
Recovery % |
|
|
|
|
|
|
| 1.7% |
| 1.9% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 54 |
| 63.8% |
| 71.3% |
| 35 |
| 39 |
|
2.) | Subtotal |
| 54 |
| 63.8% |
| 71.3% |
| 35 |
| 39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 2 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 1 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 5 |
| 54.1% |
| 57.4% |
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 37 |
| 41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 5 |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 32 |
| 35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 32 |
| 35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 1 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 1 |
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
| �� |
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 31 |
| 34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 31 |
| 34 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 122 |
| 24.3% |
| 27.1% |
| 30 |
| 33 |
|
2.) | Subtotal |
| 122 |
| 24.3% |
| 27.1% |
| 30 |
| 33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 4 |
| 100.0% |
| 100.0% |
| 4 |
| 4 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 7 |
| 62.9% |
| 64.8% |
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 34 |
| 38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 6 |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 28 |
| 32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 28 |
| 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 |
| 1 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 1 |
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 27 |
| 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 27 |
| 31 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 12 |
| 146.2% |
| 163.4% |
| 17 |
| 19 |
|
2.) | Subtotal |
| 12 |
| 146.2% |
| 163.4% |
| 17 |
| 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) |
| 2 |
| 100.0% |
| 100.0% |
| 2 |
| 2 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 0 |
| 0 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 4 |
| 73.4% |
| 75.1% |
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 20 |
| 22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 17 |
| 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 1.5% |
| 1.7% |
| 17 |
| 19 |
|
16.) | Subtotal |
| 1,115 |
| 1.5% |
| 1.7% |
| 17 |
| 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 |
| 0 |
| 0.0% |
| 0.0% |
| - |
| - |
|
22.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
23.) | Subtotal |
| 0 |
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 0.0% |
| 0.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 17 |
| 19 |
| |
Recovery % |
|
|
|
|
|
|
| 1.5% |
| 1.7% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 92 |
| 18.5% |
| 20.7% |
| 17 |
| 19 |
|
2.) | Subtotal |
| 92 |
| 18.5% |
| 20.7% |
| 17 |
| 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 3 |
| 100.0% |
| 100.0% |
| 3 |
| 3 |
|
6.) | Tenant Receivables (2) |
| 3 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 7 |
| 52.3% |
| 54.9% |
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 21 |
| 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 17 |
| 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 17 |
| 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 1 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 1 |
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 16 |
| 18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 16 |
| 18 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 61 |
| 24.3% |
| 27.1% |
| 15 |
| 16 |
|
2.) | Subtotal |
| 61 |
| 24.3% |
| 27.1% |
| 15 |
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 2 |
| 100.0% |
| 100.0% |
| 2 |
| 2 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 0 |
| 0 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 4 |
| 77.1% |
| 78.6% |
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 18 |
| 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 15 |
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 15 |
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 15 |
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
��23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 15 |
| 16 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 50 |
| 28.4% |
| 31.8% |
| 14 |
| 16 |
|
2.) | Subtotal |
| 50 |
| 28.4% |
| 31.8% |
| 14 |
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 2 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 0 |
| 0 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 4 |
| 69.9% |
| 71.6% |
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 17 |
| 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 14 |
| 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 14 |
| 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 |
| - |
| NA |
| NA |
| - |
| - |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| - |
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| NA |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 14 |
| 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 14 |
| 15 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 56 |
| 21.3% |
| 23.8% |
| 12 |
| 13 |
|
2.) | Subtotal |
| 56 |
| 21.3% |
| 23.8% |
| 12 |
| 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) |
| 2 |
| 100.0% |
| 100.0% |
| 2 |
| 2 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 4 |
| 64.9% |
| 67.3% |
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 15 |
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 12 |
| 13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 12 |
| 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 |
| 1 |
| 100.0% |
| 100.0% |
| 1 |
| 1 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 1 |
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 11 |
| 12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 11 |
| 12 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 27 |
| 41.0% |
| 45.8% |
| 11 |
| 12 |
|
2.) | Subtotal |
| 27 |
| 41.0% |
| 45.8% |
| 11 |
| 12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 1 |
| 60.0% |
| 70.0% |
| 1 |
| 1 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 1 |
| 100.0% |
| 100.0% |
| 1 |
| 1 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 2 |
| 74.3% |
| 79.1% |
| 1 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 13 |
| 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 11 |
| 12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 11 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 11 |
| 12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 11 |
| 12 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 6 |
| 205.9% |
| 230.1% |
| 13 |
| 15 |
|
2.) | Subtotal |
| 6 |
| 205.9% |
| 230.1% |
| 13 |
| 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 1 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 2 |
| 79.3% |
| 80.6% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 15 |
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 12 |
| 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 12 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 12 |
| 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 12 |
| 14 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 16 |
| 60.0% |
| 67.1% |
| 10 |
| 11 |
|
2.) | Subtotal |
| 16 |
| 60.0% |
| 67.1% |
| 10 |
| 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 |
| 1 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 0 |
| 0 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 67.7% |
| 70.0% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 11 |
| 12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 9 |
| 10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 9 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 9 |
| 10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 9 |
| 10 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
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 |
| 5 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 3 |
| 100.0% |
| 100.0% |
| 3 |
| 3 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 11 |
| 72.1% |
| 79.0% |
| 8 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 8 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 7 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 7 |
| 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 |
| 1 |
| 100.0% |
| 100.0% |
| 1 |
| 1 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 1 |
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 6 |
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 6 |
| 7 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 8 |
| 137.3% |
| 153.4% |
| 11 |
| 13 |
|
2.) | Subtotal |
| 8 |
| 137.3% |
| 153.4% |
| 11 |
| 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) |
| 0 |
| 100.0% |
| 100.0% |
| 0 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 53.7% |
| 56.8% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 12 |
| 13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 10 |
| 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 10 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 10 |
| 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 10 |
| 11 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 45 |
| 15.1% |
| 16.9% |
| 7 |
| 8 |
|
2.) | Subtotal |
| 45 |
| 15.1% |
| 16.9% |
| 7 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 2 |
| 60.0% |
| 70.0% |
| 1 |
| 1 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 0 |
| 100.0% |
| 100.0% |
| 0 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 0 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 4 |
| 43.7% |
| 50.9% |
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 9 |
| 10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 6 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 6 |
| 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 |
| - |
| NA |
| NA |
| - |
| - |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| - |
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| NA |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 6 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 6 |
| 8 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 78 |
| 12.0% |
| 13.4% |
| 9 |
| 10 |
|
2.) | Subtotal |
| 78 |
| 12.0% |
| 13.4% |
| 9 |
| 10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 0 |
| 100.0% |
| 100.0% |
| 0 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 3 |
| 33.0% |
| 37.8% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 10 |
| 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 8 |
| 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 8 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 7 |
| 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 7 |
| 9 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 49 |
| 19.8% |
| 22.1% |
| 10 |
| 11 |
|
2.) | Subtotal |
| 49 |
| 19.8% |
| 22.1% |
| 10 |
| 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 2 |
| 100.0% |
| 100.0% |
| 2 |
| 2 |
|
6.) | Tenant Receivables (2) |
| 2 |
| 37.0% |
| 42.0% |
| 1 |
| 1 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 4 |
| 56.4% |
| 59.1% |
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 12 |
| 13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 9 |
| 10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 9 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 8 |
| 10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 8 |
| 10 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 11 |
| 113.1% |
| 126.4% |
| 13 |
| 14 |
|
2.) | Subtotal |
| 11 |
| 113.1% |
| 126.4% |
| 13 |
| 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) |
| 1 |
| 100.0% |
| 100.0% |
| 1 |
| 1 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 85.3% |
| 86.2% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 14 |
| 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 12 |
| 13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 12 |
| 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 |
| 0 |
| 100.0% |
| 100.0% |
| 0 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 12 |
| 13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 12 |
| 13 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 24 |
| 24.1% |
| 26.9% |
| 6 |
| 7 |
|
2.) | Subtotal |
| 24 |
| 24.1% |
| 26.9% |
| 6 |
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 0 |
| 0 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 2 |
| 32.4% |
| 36.1% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 7 |
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 5 |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 5 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 5 |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 5 |
| 6 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 6 |
| 131.5% |
| 147.0% |
| 8 |
| 8 |
|
2.) | Subtotal |
| 6 |
| 131.5% |
| 147.0% |
| 8 |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 59.3% |
| 62.2% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 8 |
| 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 7 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 7 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 7 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 7 |
| 8 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 33 |
| 42.5% |
| 47.5% |
| 14 |
| 16 |
|
2.) | Subtotal |
| 33 |
| 42.5% |
| 47.5% |
| 14 |
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 6.1% |
| 8.8% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 14 |
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 13 |
| 13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 13 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 13 |
| 13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 13 |
| 13 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 8 |
| 93.2% |
| 104.1% |
| 8 |
| 9 |
|
2.) | Subtotal |
| 8 |
| 93.2% |
| 104.1% |
| 8 |
| 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 75.6% |
| 76.8% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 8 |
| 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 7 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 7 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 7 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 7 |
| 8 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 25 |
| 43.0% |
| 48.1% |
| 11 |
| 12 |
|
2.) | Subtotal |
| 25 |
| 43.0% |
| 48.1% |
| 11 |
| 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) |
| 1 |
| 100.0% |
| 100.0% |
| 1 |
| 1 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 0 |
| 0 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 2 |
| 65.5% |
| 67.3% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 12 |
| 13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 11 |
| 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 11 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 11 |
| 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 11 |
| 11 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 5 |
| 60.4% |
| 67.5% |
| 3 |
| 4 |
|
2.) | Subtotal |
| 5 |
| 60.4% |
| 67.5% |
| 3 |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 35.2% |
| 37.6% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 3 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 3 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 3 |
| 3 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 32 |
| 15.5% |
| 17.4% |
| 5 |
| 6 |
|
2.) | Subtotal |
| 32 |
| 15.5% |
| 17.4% |
| 5 |
| 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) |
| 1 |
| 100.0% |
| 100.0% |
| 1 |
| 1 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 0 |
| 0 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 67.8% |
| 70.0% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 6 |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 5 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 5 |
| 5 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 17 |
| 62.7% |
| 70.1% |
| 11 |
| 12 |
|
2.) | Subtotal |
| 17 |
| 62.7% |
| 70.1% |
| 11 |
| 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) |
| 1 |
| 100.0% |
| 100.0% |
| 1 |
| 1 |
|
6.) | Tenant Receivables (2) |
| 1 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 2 |
| 70.6% |
| 72.5% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 12 |
| 13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 11 |
| 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 11 |
| 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 |
| 11 |
|
20.) | Accounts Payable and Accrued Liabilities |
| - |
| NA |
| NA |
| - |
| - |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 43 |
|
|
|
|
| 11 |
| 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 25.0% |
| 26.6% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 6 |
| 82.4% |
| 92.1% |
| 5 |
| 6 |
|
2.) | Subtotal |
| 6 |
| 82.4% |
| 92.1% |
| 5 |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 28.7% |
| 32.4% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 5 |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 4 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 4 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 4 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 4 |
| 5 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 4 |
| 119.5% |
| 133.5% |
| 5 |
| 6 |
|
2.) | Subtotal |
| 4 |
| 119.5% |
| 133.5% |
| 5 |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 77.8% |
| 79.3% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 5 |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 5 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 5 |
| 5 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) - Ground Lease Included |
| 1 |
| 697.4% |
| 779.4% |
| 4 |
| 5 |
|
2.) | Subtotal |
| 1 |
| 697.4% |
| 779.4% |
| 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) |
| 0 |
| 100.0% |
| 100.0% |
| 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 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 4 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 4 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 4 |
| 4 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 38 |
| 7.4% |
| 8.3% |
| 3 |
| 3 |
|
2.) | Subtotal |
| 38 |
| 7.4% |
| 8.3% |
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 1 |
| 100.0% |
| 100.0% |
| 1 |
| 1 |
|
6.) | Tenant Receivables (2) |
| - |
| 37.0% |
| 42.0% |
| - |
| - |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 2 |
| 29.7% |
| 31.6% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 3 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 2 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 2 |
| 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 |
| 3 |
| 93.4% |
| 100.0% |
| 2 |
| 3 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 3 |
|
|
|
|
| 2 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 93.4% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| 0 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 4 |
| 115.9% |
| 129.6% |
| 5 |
| 5 |
|
2.) | Subtotal |
| 4 |
| 115.9% |
| 129.6% |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 56.0% |
| 58.6% |
| 0 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 5 |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 4 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 4 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 4 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 4 |
| 5 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 11 |
| 30.1% |
| 33.7% |
| 3 |
| 4 |
|
2.) | Subtotal |
| 11 |
| 30.1% |
| 33.7% |
| 3 |
| 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) |
| - |
| 100.0% |
| 100.0% |
| - |
| - |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 25.0% |
| 29.2% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 3 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 3 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 3 |
| 3 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 6 |
| 72.1% |
| 80.5% |
| 4 |
| 5 |
|
2.) | Subtotal |
| 6 |
| 72.1% |
| 80.5% |
| 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) |
| 0 |
| 100.0% |
| 100.0% |
| 0 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 58.0% |
| 60.2% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 4 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 4 |
| 4 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 23 |
| 13.3% |
| 14.9% |
| 3 |
| 3 |
|
2.) | Subtotal |
| 23 |
| 13.3% |
| 14.9% |
| 3 |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 0 |
| 0 |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 53.9% |
| 56.7% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 2 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 2 |
| 2 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 4 |
| 89.3% |
| 99.8% |
| 3 |
| 4 |
|
2.) | Subtotal |
| 4 |
| 89.3% |
| 99.8% |
| 3 |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 64.4% |
| 65.7% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 3 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 3 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 3 |
| 3 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 3 |
| 77.4% |
| 86.5% |
| 3 |
| 3 |
|
2.) | Subtotal |
| 3 |
| 77.4% |
| 86.5% |
| 3 |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 58.0% |
| 60.6% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 3 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 3 |
| 3 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 18 |
| 23.6% |
| 26.4% |
| 4 |
| 5 |
|
2.) | Subtotal |
| 18 |
| 23.6% |
| 26.4% |
| 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) |
| 0 |
| 100.0% |
| 100.0% |
| 0 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 43.2% |
| 45.3% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 4 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 4 |
| 4 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 6 |
| 66.4% |
| 74.2% |
| 4 |
| 5 |
|
2.) | Subtotal |
| 6 |
| 66.4% |
| 74.2% |
| 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) |
| 0 |
| 100.0% |
| 100.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 57.8% |
| 58.9% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 4 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 4 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 4 |
| 4 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 2 |
| 56.3% |
| 62.9% |
| 1 |
| 1 |
|
2.) | Subtotal |
| 2 |
| 56.3% |
| 62.9% |
| 1 |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 32.0% |
| 34.1% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 1 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 1 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 1 |
| 1 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 4 |
| 107.9% |
| 120.6% |
| 4 |
| 5 |
|
2.) | Subtotal |
| 4 |
| 107.9% |
| 120.6% |
| 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) |
| 0 |
| 100.0% |
| 100.0% |
| 0 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 54.0% |
| 56.2% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 5 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 4 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 4 |
| 4 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 0 |
| 1425.3% |
| 1593.0% |
| 2 |
| 2 |
|
2.) | Subtotal |
| 0 |
| 1425.3% |
| 1593.0% |
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 0 |
| 100.0% |
| 100.0% |
| 0 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 64.3% |
| 66.2% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 2 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 2 |
| 2 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 2 |
| 242.1% |
| 270.6% |
| 4 |
| 4 |
|
2.) | Subtotal |
| 2 |
| 242.1% |
| 270.6% |
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 0 |
| 100.0% |
| 100.0% |
| 0 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 4 |
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 0.3% |
| 0.4% |
| 4 |
| 4 |
|
16.) | Subtotal |
| 1,115 |
| 0.3% |
| 0.4% |
| 4 |
| 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 4 |
| 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% |
| 0.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 4 |
| 4 |
| |
Recovery % |
|
|
|
|
|
|
| 0.3% |
| 0.4% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 25 |
| 24.0% |
| 26.9% |
| 6 |
| 7 |
|
2.) | Subtotal |
| 25 |
| 24.0% |
| 26.9% |
| 6 |
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 0 |
| 60.0% |
| 70.0% |
| 0 |
| 0 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 1 |
| 100.0% |
| 100.0% |
| 1 |
| 1 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 67.0% |
| 68.6% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 7 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 6 |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 6 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 6 |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 6 |
| 6 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 1 |
| 196.0% |
| 219.1% |
| 2 |
| 2 |
|
2.) | Subtotal |
| 1 |
| 196.0% |
| 219.1% |
| 2 |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 75.9% |
| 77.3% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | First Lien Credit Facility |
| 1,115 |
| 0.1% |
| 0.2% |
| 2 |
| 2 |
|
16.) | Subtotal |
| 1,115 |
| 0.1% |
| 0.2% |
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 2 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Secured + Unsecured Recovery |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Credit Facility Recovery |
|
|
|
|
|
|
| 2 |
| 2 |
| |
Recovery % |
|
|
|
|
|
|
| 0.1% |
| 0.2% |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 3 |
| 42.0% |
| 47.0% |
| 1 |
| 2 |
|
2.) | Subtotal |
| 3 |
| 42.0% |
| 47.0% |
| 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) |
| - |
| 100.0% |
| 100.0% |
| - |
| - |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 15.9% |
| 19.3% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 1 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 1 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 1 |
| 1 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 2 |
| 45.1% |
| 50.4% |
| 1 |
| 1 |
|
2.) | Subtotal |
| 2 |
| 45.1% |
| 50.4% |
| 1 |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 65.2% |
| 67.2% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 1 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 1 |
| 1 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 3 |
| 55.7% |
| 62.3% |
| 2 |
| 2 |
|
2.) | Subtotal |
| 3 |
| 55.7% |
| 62.3% |
| 2 |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 62.2% |
| 63.9% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 2 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 2 |
| 2 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 1 |
| 144.9% |
| 161.9% |
| 1 |
| 1 |
|
2.) | Subtotal |
| 1 |
| 144.9% |
| 161.9% |
| 1 |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 61.3% |
| 62.7% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 1 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 1 |
| 1 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 4 |
| 21.9% |
| 25.7% |
| 1 |
| 1 |
|
2.) | Subtotal |
| 4 |
| 21.9% |
| 25.7% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 1 |
| 60.0% |
| 70.0% |
| 1 |
| 1 |
|
4.) | Dividends from Subsidiaries |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
5.) | Cash and Cash Equivalents (1) |
| 0 |
| 100.0% |
| 100.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 61.2% |
| 70.6% |
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 2 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 2 |
| 2 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 1 |
| 31.5% |
| 39.4% |
| 0 |
| 1 |
|
2.) | Subtotal |
| 1 |
| 31.5% |
| 39.4% |
| 0 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of All Other Assets |
|
|
|
|
|
|
|
|
|
|
| |
3.) | Developments in Progress |
| 1 |
| 60.0% |
| 70.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 59.0% |
| 68.9% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 1 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 1 |
| 1 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 5 |
| 8.7% |
| 9.8% |
| 0 |
| 1 |
|
2.) | Subtotal |
| 5 |
| 8.7% |
| 9.8% |
| 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) |
| 0 |
| 100.0% |
| 100.0% |
| 0 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 85.4% |
| 86.5% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 1 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 0 |
| 0 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 8 |
| 18.5% |
| 37.0% |
| 2 |
| 3 |
|
2.) | Subtotal |
| 8 |
| 18.5% |
| 37.0% |
| 2 |
| 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 |
| 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 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 2 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 1 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 1 |
| 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 |
| 1 |
| 100.0% |
| 100.0% |
| 1 |
| 1 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 1 |
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 1 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 1 |
| 2 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| - |
| 37.0% |
| 42.0% |
| - |
| - |
|
7.) | Outstanding Receivables |
| 0 |
| 40.0% |
| 50.0% |
| 0 |
| 0 |
|
8.) | Mortgage and Other Notes Receivable (Mortgage Escrow) |
| - |
| 85.0% |
| 90.0% |
| - |
| - |
|
9.) | Investments in Unconsolidated Affiliates |
| 1 |
| 0.0% |
| 1.5% |
| - |
| 0 |
|
10.) | Recovery on Intercompany Claims |
| 0-0 |
| NA |
| NA |
| - |
| - |
|
11.) | Intangible Lease Assets and Other assets |
| 0 |
| 2.5% |
| 5.0% |
| 0 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 1 |
| 2.2% |
| 4.0% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 0 |
| 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 |
| 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 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 0.0% |
| 0.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 1 |
| 6.0% |
| 6.7% |
| 0 |
| 0 |
|
2.) | Subtotal |
| 1 |
| 6.0% |
| 6.7% |
| 0 |
| 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 |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 42.7% |
| 44.1% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| - |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 8 |
| 30.2% |
| 33.8% |
| 2 |
| 3 |
|
2.) | Subtotal |
| 8 |
| 30.2% |
| 33.8% |
| 2 |
| 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 |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 13.7% |
| 17.1% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 2 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 2 |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 2 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 2 |
| 2 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
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% |
| - |
| 0 |
|
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% |
| - |
| 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 |
| 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 |
| - |
| 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% |
| - |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| - |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 0.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| - |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| - |
| 0 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 1 |
| 70.3% |
| 78.5% |
| 1 |
| 1 |
|
2.) | Subtotal |
| 1 |
| 70.3% |
| 78.5% |
| 1 |
| 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 |
| 0 |
|
6.) | Tenant Receivables (2) |
| 0 |
| 37.0% |
| 42.0% |
| 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 |
| 0 |
|
12.) | Litigation & Preference/Avoidance Actions |
| - |
| N/A |
| N/A |
| - |
| - |
|
13.) | Subtotal |
| 0 |
| 66.9% |
| 68.8% |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| NA |
| NA |
| NA |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Unsecured Claims |
|
|
|
|
|
|
| 1 |
| 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 |
| NA |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 1 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 1 |
| 1 |
|
(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 |
| High | |
|
|
|
|
|
|
|
|
|
|
|
| |
I. Assets |
|
|
|
|
|
|
|
|
|
|
| |
Liquidation Value of Real Estate Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.) | Land, Building & Improvements (Net) |
| 2 |
| 10.8% |
| 21.6% |
| 0 |
| 1 |
|
2.) | Subtotal |
| 2 |
| 10.8% |
| 21.6% |
| 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) |
| 0 |
| 100.0% |
| 100.0% |
| 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 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Estimated Proceeds from Liquidation of Assets |
|
|
|
|
|
|
| 0 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Admin / Wind Down Expenses |
|
|
|
|
|
|
|
|
|
|
| |
14.) | Subtotal |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Secured Claims |
|
|
|
|
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation Value of Secured Liabilities |
|
|
|
|
|
|
|
|
|
|
| |
15.) | Subtotal |
| NA |
| 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 |
| 0 |
|
21.) | Intercompany |
| - |
| NA |
| NA |
| - |
| - |
|
22.) | Subtotal |
| 0 |
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Unsecured Recovery (3) |
|
|
|
|
|
|
| 100.0% |
| 100.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Proceeds Available for Parent |
|
|
|
|
|
|
| 0 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.) | Payment to Parent |
| NA |
| NA |
| NA |
| 0 |
| 0 |
|
(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 |
| - |
|