<SEC-DOCUMENT>0001104659-23-103255.txt : 20230922
<SEC-HEADER>0001104659-23-103255.hdr.sgml : 20230922
<ACCEPTANCE-DATETIME>20230922181101
ACCESSION NUMBER:		0001104659-23-103255
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230920
FILED AS OF DATE:		20230922
DATE AS OF CHANGE:		20230922

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CANYON CAPITAL ADVISORS LLC
		CENTRAL INDEX KEY:			0001074034
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12494
		FILM NUMBER:		231272699

	BUSINESS ADDRESS:	
		STREET 1:		2728 NORTH HARWOOD STREET, 2ND FLOOR
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		3102721000

	MAIL ADDRESS:	
		STREET 1:		2728 NORTH HARWOOD STREET, 2ND FLOOR
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Friedman Joshua S
		CENTRAL INDEX KEY:			0001766767

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12494
		FILM NUMBER:		231272697

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 11 FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Julis Mitchell R
		CENTRAL INDEX KEY:			0001766581

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12494
		FILM NUMBER:		231272698

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 11TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CBL & ASSOCIATES PROPERTIES INC
		CENTRAL INDEX KEY:			0000910612
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				621545718
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2030 HAMILTON PLACE BVLD, SUITE 500
		STREET 2:		CBL CENTER
		CITY:			CHATTANOOGA
		STATE:			TN
		ZIP:			37421
		BUSINESS PHONE:		4238550001

	MAIL ADDRESS:	
		STREET 1:		2030 HAMILTON PLACE BVLD, SUITE 500
		STREET 2:		CBL CENTER
		CITY:			CHATTANOOGA
		STATE:			TN
		ZIP:			37421
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>tm2326718-1_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2023-09-20</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000910612</issuerCik>
        <issuerName>CBL &amp; ASSOCIATES PROPERTIES INC</issuerName>
        <issuerTradingSymbol>CBL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001074034</rptOwnerCik>
            <rptOwnerName>CANYON CAPITAL ADVISORS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2728 NORTH HARWOOD STREET, 2ND FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Member of 10% owner group</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001766581</rptOwnerCik>
            <rptOwnerName>Julis Mitchell R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2728 NORTH HARWOOD STREET, 2ND FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Member of 10% owner group</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001766767</rptOwnerCik>
            <rptOwnerName>Friedman Joshua S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2728 NORTH HARWOOD STREET, 2ND FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Member of 10% owner group</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2023-09-20</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F4"/>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>70001</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8466294</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">This Form 4 is being filed jointly by Canyon Capital Advisors LLC, a Delaware limited liability company (&quot;CCA&quot;), Mitchell R. Julis, a citizen of the United States of America, and Joshua S. Friedman, a citizen of the United States of America (collectively, the &quot;Reporting Persons&quot;), each of whom may be deemed to have a pecuniary interest in securities reported on this Form 4 (the &quot;Subject Securities&quot;). The business address of each of the Reporting Persons is 2728 North Harwood Street, 2nd Floor, Dallas, Texas 75201.</footnote>
        <footnote id="F2">CCA, as the investment advisor to certain managed funds and accounts that directly hold the Subject Securities, including Canyon-ASP Fund, L.P., Canyon Balanced Master Fund, Ltd., Canyon Distressed Opportunity Master Fund III, L.P., Canyon ESG Credit Master Fund, L.P., Canyon Distressed TX (A) LLC, Canyon Distressed TX (B) LLC, The Canyon Value Realization Master Fund, L.P., Canyon-EDOF (Master) L.P., Canyon NZ-DOF Investing, L.P., EP Canyon Ltd. and Canyon Value Realization Fund, L.P. (collectively, the &quot;Accounts&quot;), may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934.</footnote>
        <footnote id="F3">Mitchell R. Julis and Joshua S. Friedman, as persons who manage CCA and control the entities which own 100% of CCA, may each be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims beneficial ownership of the Subject Securities except to the extent of any pecuniary interest therein.</footnote>
        <footnote id="F4">On September 20, 2023, the Reporting Persons received 70,001 shares of the Issuer's common stock pursuant to the provisions of the Third Amended Joint Chapter 11 Plan of CBL &amp; Associates Properties, Inc. and its Affiliated Debtors (With Technical Modifications) (the &quot;Plan&quot;), which was confirmed by the United States Bankruptcy Court for the Southern District of Texas on August 11, 2021. The Reporting Persons' right to receive additional shares became fixed and irrevocable on August 11, 2021, the effective date of the Plan.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Canyon Capital Advisors LLC, By: /s/ Doug Anderson, Chief Compliance Officer</signatureName>
        <signatureDate>2023-09-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Mitchell R. Julis</signatureName>
        <signatureDate>2023-09-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Joshua S. Friedman</signatureName>
        <signatureDate>2023-09-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
