Over the course of the past month, investors have been involved in a steady selloff in the Washington Prime Group Inc (NYSE:WPG) stock and during that period the stock has gone down by as much as 33%.
Considering the scale of the decline it is important for investors to figure out if the fall could actually be an opportunity to get into the stock. Earlier on in the week the company announced its financial results for the second fiscal quarter that ended on June 30, 2021. During the second quarter, Washington Prime Group started a voluntary Chapter 11 restructuring after having got a restructuring support agreement or RSA. As many as 70% of those who held unsecured and secured corporate debt in Washington Prime Group supported the move from the company. In the second quarter, the company suffered a loss of as much as $105.5 million and that worked out to losses of $4.26 per diluted share in Washington Prime Group. By comparison, in the prior year period, the company’s losses stood at $82.1 million, which represented losses of $3.88 per diluted share in the company. The difference from the previous year is a reflection of the Chapter 11 restructuring process undertaken by Washington Prime Group.