Acadiana Mall under new management after foreclosure proceedings - KATC.com | Continuous News Coverage | Acadiana-Lafayette

Acadiana Mall under new management after foreclosure proceedings

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Acadiana Mall is under new management after its owners defaulted on its loan for the property.

A judge in early February ordered federal marshals to seize the property and placed it under the management of Spinoso Management Group.

CBL & Associates entered into a $150.4 million loan when it took over the mall property in 2007, according to a complaint filed in the U.S. Western District Court of Louisiana. When CBL's loan reached maturity last April, the company still owed more than $126 million on the loan and other debts.

CBL alerted its investors of the foreclosure proceedings in the company's December quarterly report. They said they were "not able to reach a satisfactory agreement" with the lender to modify the loan.

An Acadiana Mall spokesperson said the management change has not impacted mall operations.

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