Mayfaire Town Center owner CBL Properties, which filed for bankruptcy in November, announced Monday that it has entered into an amended agreement that will allow the firm to proceed with its restructuring plans.

The amended Restructuring Support Agreement (RSA) provides for the elimination of $1.6 billion of the company’s debt, according to a CBL Properties news release. 

It also means that Chattanooga, Tennessee-based CBL (also known as CBL & Associates Properties Inc.) has reached a “truce” with lenders led by Wells Fargo, according to a Wall Street Journal story.

“This agreement is a major step forward for CBL’s restructuring plan,” said Stephen D. Lebovitz, CEO of CBL, in a news release. “Reaching a fully consensual plan between our credit facility lenders and noteholders has been a primary goal throughout this process.”

He said the revised bankruptcy plan “achieves all of the major objectives we have set for CBL post-emergence, including greater financial flexibility with a significantly deleveraged balance sheet, a lengthened maturity schedule and overall lower interest expense."

He added, “With this agreement in hand, we look forward to moving ahead with the court approval and confirmation process and are confident that the restructured company will be in an excellent position to execute on our strategies and return to growth.”

CBL officials have said the bankruptcy would not affect the day-to-day operations of Mayfaire Town Center.

CBL bought Mayfaire Town Center and Mayfaire Community Center in Wilmington for $192 million in June 2015 before selling off the community center later that same year. 

The 400-acre Mayfaire, which celebrated the 10th anniversary of its town center in 2014, has about 1 million square feet of retail space, with tenants that include Belk's, Regal Cinemas, Dick’s Sporting Goods, Barnes & Noble, Pottery Barn and Williams-Sonoma.

A few smaller Mayfaire tenants were lost last year as the COVID-19 pandemic took down some already struggling retailers.