Feldman Mall Properties, Inc. Announcements
2009年6月4日 - 9:29PM
PRニュース・ワイアー (英語)
GREAT NECK, N.Y., June 4 /PRNewswire-FirstCall/ -- Feldman Mall
Properties, Inc. (Pink Sheets: FMLP) made the following
announcements: Sale of Colonie Center Interests On May 28, 2009,
the Company sold its interests in Colonie Center to its partner,
Heitman Value Partners, for approximately $4.1 million. The
transaction allows the Company to receive proceeds that will be
used to continue recapitalizing its obligations. As a result of
this transaction, the Company expects to recognize a loss on the
further writedown of its investment in Colonie Center during 2009.
Trust Preferred Securities On May 29, 2009, the Company completed a
transaction with Kodiak CDO I, Ltd. and Kodiak CDO II, Ltd.
(collectively, the "Sellers") to purchase from the Sellers 1,140
preferred securities of FMP Statutory Trust I, a Delaware statutory
trust and an indirect subsidiary of the Company, having an
aggregate liquidation amount of $28.5 million (the "TruPS"). The
purchase price for the TruPS was comprised of $1.5 million and 1.2
million shares of the Company's common stock. The TruPS and the
common securities of the Trust will be cancelled and the Trust
liquidated and dissolved, also resulting in the cancellation of the
$29.4 million in aggregate principal amount of the unsecured
fixed/floating rate junior subordinated notes issued by the
Company's operating partnership subsidiary due April 2036 (the
"Junior Notes"), which are held by FMP Statutory Trust. The Company
used a portion of the Colonie sales proceeds to fund the
transaction. As a result of this transaction, the Company
anticipates that it will recognize a gain on the retirement of
these preferred securities. John F. Dougherty John F. Dougherty,
Jr. has been elected Senior Vice President and General Counsel of
the Company, effective June 1, 2009. Mr. Dougherty recently retired
as a Partner of Stradley, Ronon, Stevens & Young, LLP, of
Philadelphia, Penn., where a major portion of his practice was
transactional in nature, both corporate and real estate. He has
served on a number of publicly- and privately-held company boards
of directors and as a trustee and director of several educational
and other non-profit entities. A graduate of the University of
Notre Dame (BBA-Finance) and Villanova University School of Law
(Juris Doctor), he served as a Captain in the United States Air
Force prior to entering private practice. Thomas McAuley Thomas
McAuley has resigned as a member of the Company's Board of
Directors. Mr. McAuley joined the Company during 2008, being
nominated by Inland American Real Estate Trust, Inc., pursuant to
the terms of the Company's Series A Preferred Stock. A board member
to replace Mr. McAuley has not been named. Properties Northgate
Mall One of the mall's non-owned anchor tenants totaling
approximately 203,000 square feet, Dillard Department Stores, Inc.,
has announced that it will close on December 31, 2009 and is
seeking to sell its premises. Although the Company does not own the
anchor store, if the anchor space is not successfully retained or
replaced, certain co-tenancy provisions in leases with other
tenants could be triggered, which would allow such other tenants to
reduce or abate their current rent and possibly vacate the
property. Golden Triangle Mall As previously disclosed, the Company
has a $30 million line of credit, which is partially secured by the
Golden Triangle Mall up to $24.6 million and a guarantee by a
direct subsidiary of the Company for any outstanding balance over
$24.6 million. As of today, the outstanding balance is $27.8
million and the Company has also violated certain financial
covenants. The Company is currently negotiating with the lender for
a forbearance through December 31, 2009. Harrisburg Mall As
previously disclosed, the Company had an indirect 25% interest in a
joint venture limited partnership owning the Harrisburg Mall. In
addition, a direct subsidiary of the Company had a limited
guarantee to fund a $1.85 million portion of the partnership's
mortgage indebtedness in the event the partnership was unable to
repay the loan. The lender has instituted foreclosure proceedings,
which the partnership is not contesting, and the Company's
subsidiary has a remaining obligation under its guarantee totaling
approximately $150,000. 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, consists of four regional malls aggregating
approximately 3.7 million square feet. For more information on
Feldman Mall Properties Inc., visit the Company's website at
http://www.feldmanmall.com/. DATASOURCE: Feldman Mall Properties,
Inc. CONTACT: Thomas E. Wirth, President & Chief Financial
Officer of Feldman Mall Properties, Inc., +1-516-684-1239 Web Site:
http://www.feldmanmall.com/
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