We are advising SVPGlobal and its affiliated funds as plan sponsor in connection with the restructuring

Davis Polk is advising funds managed by Strategic Value Partners, LLC and its affiliates (“SVPGlobal”) as plan sponsor in connection with the chapter 11 restructuring of Washington Prime Group Inc. and certain of its subsidiaries (the “Company”). The Company’s second amended plan of reorganization (the “Plan”) was confirmed by the United States Bankruptcy Court for the Southern District of Texas on September 3, 2021, and became effective on October 21, 2021.

The Plan provides for a deleveraging of the Company’s balance sheet by nearly $950 million through the equitization of unsecured notes, a $150 million paydown of the Company’s revolving credit and term loan facilities (with the remainder refinanced with a takeback paper exit facility), payment in full of all claims held by vendors and service providers as well as recoveries for preferred and common equity holders. The various cash payments required under the Plan are financed by a $325 million equity rights offering backstopped primarily by SVPGlobal.

SVPGlobal, on account of both its recovery on its holdings of the equitizing unsecured notes and its participation in and backstop of the equity rights offering, owns a majority of the equity of the reorganized Company as of emergence.

Washington Prime Group Inc. is a retail REIT and a national leader in the ownership, management, acquisition and development of retail properties with 102 shopping centers across the United States.

The Davis Polk restructuring team includes partners Damian S. Schaible and Angela M. Libby, counsel Aryeh Ethan Falk and associates Samuel Wagreich, Stella Li and Sophy Ma. The real estate team includes partner Brian D. Hirsch, counsel Susan D. Kennedy and associates Jaclyn Katz and David Beizer. The corporate team includes partner William L. Taylor. The litigation team includes partner Elliot Moskowitz. The finance team includes counsel Christian Fischer and associate Timothy H. Oyen. The tax team includes partner Patrick E. Sigmon and associate Lex L. Varga. Partner Nicholas A. Kronfeld is advising on securities law. Partner Adam Kaminsky is advising on executive compensation matters. Members of the Davis Polk team are based in the New York and Washington DC offices.

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