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Washington Prime Emerges from Chapter 11; CEO Steps Down

Washington Prime Group Inc. (WPG) said Thursday it had emerged from the Chapter 11 process, signifying the successful completion of the company’s financial restructuring and the implementation of its plan of reorganization. The plan was led by SVPGlobal, which is now its majority owner. 

A publicly traded shopping center REIT going into bankruptcy, Columbus, OH-based WPG has emerged four months later as a private holding company, with its debt reduced by nearly $1 billion. WPG said it will be well positioned to capitalize on opportunities to improve its portfolio and to strengthen its relationships with guests, tenants, lenders, partners, and other constituents. 

With WPG’s emergence from bankruptcy, Lou Conforti is stepping down from his role as CEO, a position he’s held since 2016. Mark Yale, WPG’s EVP and CFO, and Josh Lindimore, the company’s EVP, head of leasing, will serve as interim co-CEOs. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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