A judge approved the bankruptcy plan for shopping center owner Washington Prime Group. The company listed its debts at more than $3 billion when it filed for bankruptcy but the value of it properties was unknown at the time of the settlement.

Washington Prime Group's investment bank is gauging investor interest in providing a potential $150 million debtor-in-possession loan, according to sources. Washington Prime previously indicated that it might have to seek court protection from creditors.

Foot traffic was declining in Baltimore-area malls even before the pandemic but the future of shopping centers that are willing to adapt is bright, according to Neil Saunders, managing director of GlobalData Retail. Those that survive will look beyond retail for tenants in the services and entertainment industries, analysts say.

CBL Properties reached a deal with banks holding 88% of secured debt and companies with 64% of unsecured notes that will erase $1.6 billion in debt. The deal still needs approval from a bankruptcy judge and gives control of CBL to its creditors.

Glimcher Realty Trust has closed on its $51.8 million purchase of three shopping centers in Oklahoma City. They are open-air centers totaling 290,000 square feet and deliver about $500 per square foot in sales.