The Washington Prime Group has been given another extension to continue negotiating with its lenders.

According to a filing Monday with the federal Securities and Exchange Commission, forebearing lenders and noteholders agreed to extend the forebearance period May 5 to May 12 as the sides try to come to an agreement to rework Washington Prime Group’s capital structure. It is the fourth time the forebearance agreement has been extended since Washington Prime Group missed a $23 million interest payment in February.

Company officials have said a Chapter 11 bankruptcy proceeding may be necessary.

“The company is continuing to engage in negotiations and discussions to restructure its capital structure,” Washington Prime Group officials stated in the company’s fourth quarter earnings statement. “The uncertainty associated with the company’s ability to meet these obligations as they become due raises substantial doubt about the company’s ability to continue as a going concern as defined by generally accepted accounting principles.”

According to the company’s fourth quarter earnings statement released March 16, net loss attributable to common shareholders for the fourth quarter of 2020 was $111.4 million compared to net earnings of $17.1 million in the fourth quarter of 2019. The company ended 2020 with $111 million in cash and cash equivalents including its share of unconsolidated properties.

The year-over-year difference relates primarily to the impacts of tenant lease modifications and increased bad debt expense related to delinquent receivables during the fourth quarter of 2020 due to the ongoing COVID-19 pandemic.

Year-over-year revenue decreased by $20.7 million. Washington Prime Group officials suspended first quarter dividends on common shares of stock and operating partnership units. The company is also not providing 2021 guidance and will not host an earnings conference call this quarter.

Washington Prime Group was formed in 2014 following a spinoff from the Simon Property Group. It operates roughly 100 malls across the country, including the Chautauqua Mall. The Chautauqua Mall has struggled through the loss of three anchor tenants in the past several years, including Sears, Bon-Ton and Office Max. The mall has pivoted toward Planet Fitness and restaurants like Sakura Buffet to add tenants as retail stores struggled even before the COVID-19 pandemic while adding a new outparcel development in Taco Bell. The Chautauqua Mall also got some good news that Ollie’s Bargain Outlet will be taking over the space previously leased by Office Max. Ollie’s is expected to open in mid-October.