Feldman Mall Properties, Inc. Announcements
11 Febbraio 2010 - 10:30PM
PR Newswire (US)
NEW YORK, Feb. 11 /PRNewswire-FirstCall/ -- Feldman Mall
Properties, Inc. (Pink Sheets: FMLP) made the following
announcements: Forbearance Agreement Regarding Golden Triangle Mall
On December 29, 2009, a subsidiary of the Company, FMP Denton LP,
executed a Second Modification and Extension of Forbearance
Agreement with JPMorgan Chase Bank, N.A. regarding a $30.0 million
line of credit secured by the Golden Triangle Mall. Another Company
subsidiary, Feldman Equities Operating Partnership LP, is liable
under a guaranty in favor of the lender to the extent that the
principal amount of the debt exceeds $24.6 million. As of December
29, 2009 the outstanding balance was $26.6 million, $1.2 million
having been paid to the lender on December 2, 2009 in conjunction
with the sale of an outparcel at the Mall. The loan is in default
due to the violation of certain financial covenants and the failure
to pay the loan on its April 4, 2009 maturity date. A Forbearance
Agreement was executed by FMP Denton LP and the lender on March 18,
2009 and modified on June 30, 2009. As a condition to reinstatement
of the loan, the modification required FMP Denton LP satisfy a
number of items prior to December 31, 2009, which it was not able
to do. The Second Modification and Extension of Forbearance
Agreement extended the forbearance period to March 31, 2010, in
order for negotiations to take place between FMP Denton LP and the
lender relative to reinstating the loan. The Company can provide no
assurances that such an understanding will be reached. Sale of
Interest in Foothills Mall On January 29, 2010, a subsidiary of the
Company, Foothills Mall LLC, completed closing of the sale of its
interest in the Foothills Mall located in Tucson, Arizona to its
joint venture partner for a price of $1.5 million. Another Company
subsidiary, Feldman Equities Management, Inc., received $350,000 as
consideration for the termination of its property management
agreement for the mall. The Company will use the proceeds to
satisfy its remaining obligation to Lawrence H. Feldman under his
recent agreement with the Company, and to continue and move forward
with the recapitalization and restructuring of the Company.
Northgate Mall Receivership On February 5, 2010 the holder of the
indebtedness encumbering the Northgate Mall located in Cincinnati,
Ohio, filed a complaint in foreclosure against the Company's
subsidiary, FMP Northgate LLC, and requested the appointment of a
receiver to operate the property. FMP Northgate LLC has agreed to
consent to the receiver's appointment. A hearing on the appointment
will be held on February 16, 2010. About Feldman Mall Properties,
Inc. The Company's shares of common stock are quoted on Pink OTC
Markets, a privately-owned company formerly known as Pink Sheets,
which operates Pink Quote. The Company's portfolio, including
non-owned anchor tenants, now consists of two regional malls
aggregating approximately 2.065 million square feet, excluding
Northgate Mall. For more information on Feldman Mall Properties
Inc., visit the Company website at http://www.feldmanmall.com/
DATASOURCE: Feldman Mall Properties, Inc. CONTACT: John F.
Dougherty, Jr., Senior Vice President and General Counsel and
Secretary of Feldman Mall Properties, Inc., +1-215-564-8084 Web
Site: http://www.feldmanmall.com/
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