Stock Alert: Washington Prime Group Slips 13%

Shares of Washington Prime Group Inc. (WPG) are slipping over 13% on Monday's regular trading after the real estate investment trust that operates malls in the US said it has filed for bankruptcy.

WPG is currently trading at $4.20, down $0.64 or 13.2231% on the NYSE. The stock has traded between $1.69 and 16.55 in the 52-week period.

The company will utilize Chapter 11 to implement a comprehensive and consensual financial restructuring of its corporate-level debt that will allow the company to substantially deleverage its balance sheet and strengthen its business and operations going forward.

Washington Prime Group said it has secured $100 million in new money debtor-in-possession financing to support day-to-day operations during the Chapter 11 process and ensure that all business operations continue in the ordinary course without interruption.

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