SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Strategic Value Special Situations Offshore Fund IV, L.P. (Last) (First) (Middle) 100 WEST PUTNAM AVENUE (Street) GREENWICH CT 06830 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 05/16/2022	3. Issuer Name and Ticker or Trading Symbol CBL & ASSOCIATES PROPERTIES INC [ CBL ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.001 per share	521,328	I	See footnotes(1)(13)
Common Stock, par value $0.001 per share	43,537	I	See footnotes(2)(13)
Common Stock, par value $0.001 per share	14,764	I	See footnotes(3)(13)
Common Stock, par value $0.001 per share	5,059	I	See footnotes(4)(13)
Common Stock, par value $0.001 per share	129,394	I	See footnotes(5)(13)
Common Stock, par value $0.001 per share	128,770	I	See footnotes(6)(13)
Common Stock, par value $0.001 per share	1,040,744	I	See footnotes(7)(13)
Common Stock, par value $0.001 per share	6,074	I	See footnotes(8)(13)
Common Stock, par value $0.001 per share	2,388	I	See footnotes(9)(13)
Common Stock, par value $0.001 per share	1,220,604	I	See footnotes(10)(13)
Common Stock, par value $0.001 per share	83,212	I	See footnotes(11)(13)
Common Stock, par value $0.001 per share	48,115	I	See footnotes(12)(13)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Strategic Value Special Situations Offshore Fund IV, L.P. (Last) (First) (Middle) 100 WEST PUTNAM AVENUE (Street) GREENWICH CT 06830 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Strategic Value Special Situations Fund IV, L.P. (Last) (First) (Middle) 100 WEST PUTNAM AVENUE (Street) GREENWICH CT 06830 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* SVP Special Situations IV LLC (Last) (First) (Middle) 100 WEST PUTNAM AVENUE (Street) GREENWICH CT 06830 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Strategic Value Special Situations Master Fund V, L.P. (Last) (First) (Middle) 100 WEST PUTNAM AVENUE (Street) GREENWICH CT 06830 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Strategic Value Special Situations Offshore Fund V, L.P. (Last) (First) (Middle) 100 WEST PUTNAM AVENUE (Street) GREENWICH CT 06830 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Strategic Value Special Situations Fund V, L.P. (Last) (First) (Middle) 100 WEST PUTNAM AVENUE (Street) GREENWICH CT 06830 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* SVP Special Situations V LLC (Last) (First) (Middle) 100 WEST PUTNAM AVENUE (Street) GREENWICH CT 06830 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Strategic Value Excelsior Fund, L.P. (Last) (First) (Middle) 100 WEST PUTNAM AVENUE (Street) GREENWICH CT 06830 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* SVP Excelsior Management LLC (Last) (First) (Middle) 100 WEST PUTNAM AVENUE (Street) GREENWICH CT 06830 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Held directly by Strategic Value Capital Solutions Master Fund, L.P. SVP Dislocation LLC is the investment manager of Strategic Value Capital Solutions Master Fund, L.P.

2. Held directly by Strategic Value Capital Solutions Offshore Fund, L.P. SVP Dislocation LLC is the investment manager of Strategic Value Capital Solutions Offshore Fund, L.P.

3. Held directly by Strategic Value Capital Solutions Fund, L.P. SVP Dislocation LLC is the investment manager of Strategic Value Capital Solutions Fund, L.P.

4. Held directly by Strategic Value Sullivan Offshore Fund, L.P. SVP Dislocation LLC is the investment manager of Strategic Value Sullivan Offshore Fund, L.P. (Series 1). SVP Special Situations V LLC is the investment manager of Strategic Value Sullivan Offshore Fund, L.P. (Series 2).

5. Held directly by Strategic Value Excelsior Fund, L.P. SVP Excelsior Management, LLC is the investment manager of Strategic Value Excelsior Fund, L.P.

6. Held directly by Strategic Value Opportunities Fund, L.P. SVP Special Situations III-A LLC is the investment manager of Strategic Value Opportunities Fund, L.P.

7. Held directly by Strategic Value Special Situations Master Fund IV, L.P. SVP Special Situations IV LLC is the investment manager of Strategic Value Special Situations Master Fund IV, L.P.

8. Held directly by Strategic Value Special Situations Offshore Fund IV, L.P. SVP Special Situations IV LLC is the investment manager of Strategic Value Special Situations Offshore Fund IV, L.P.

9. Held directly by Strategic Value Special Situations Fund IV, L.P. SVP Special Situations IV LLC is the investment manager of Strategic Value Special Situations Fund IV, L.P.

10. Held directly by Strategic Value Special Situations Master Fund V, L.P. SVP Special Situations V LLC is the investment manager of Strategic Value Special Situations Master Fund V, L.P.

11. Held directly by Strategic Value Special Situations Offshore Fund V, L.P. SVP Special Situations V LLC is the investment manager of Strategic Value Special Situations Offshore Fund V, L.P.

12. Held directly by Strategic Value Special Situations Fund V, L.P. SVP Special Situations V LLC is the investment manager of Strategic Value Special Situations Fund V, L.P.

13. Strategic Value Partners, LLC, which is indirectly majority owned and controlled by Mr. Khosla, is the managing member of SVP Dislocation LLC, SVP Special Situations III-A, LLC, SVP Special Situations IV LLC, SVP Special Situations V LLC, and SVP Excelsior Management LLC. The filing of this Form 3 shall not be construed as an admission that the Reporting Persons are or were for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise, the beneficial owners of any of the securities reported herein. The Reporting Persons disclaim such beneficial ownership, except to the extent of their pecuniary interest.

Remarks:

This Form 3 is one of two Form 3s filed relating to the same event. Combined, the two reports report the holdings for the following reporting persons: Strategic Value Partners, LLC, Victor Khosla, SVP Dislocation LLC, Strategic Value Capital Solutions Master Fund, L.P., Strategic Value Capital Solutions Offshore Fund, L.P., Strategic Value Capital Solutions Fund, L.P., Strategic Value Sullivan Offshore Fund, L.P., Strategic Value Opportunities Fund, L.P., SVP Special Situations III-A LLC, Strategic Value Special Situations Master Fund IV, L.P., Strategic Value Special Situations Offshore Fund IV, L.P., Strategic Value Special Situations Fund IV, L.P., SVP Special Situations IV LLC, Strategic Value Special Situations Master Fund V, L.P., Strategic Value Special Situations Offshore Fund V, L.P., Strategic Value Special Situations Fund V, L.P., SVP Special Situations V LLC, Strategic Value Excelsior Fund, L.P. and SVP Excelsior Management LLC. This Form 3 has been split into two filings because there are more than 10 reporting persons in total, and the SEC's EDGAR filing system limits a single Form 3 to a maximum of 10 reporting persons.

	/s/ James Dougherty - for Strategic Value Special Situations Offshore Fund IV, L.P., By: SVP Special Situations IV LLC, its investment manager, By: James Dougherty, Chief Financial Officer	05/26/2022
	/s/ James Dougherty - for Strategic Value Special Situations Fund IV, L.P., By: SVP Special Situations IV LLC, its investment manager, By: James Dougherty, Chief Financial Officer	05/26/2022
	/s/ James Dougherty - for SVP Special Situations IV LLC, By: James Dougherty, Chief Financial Officer	05/26/2022
	/s/ James Dougherty - for Strategic Value Special Situations Master Fund V, L.P., By: SVP Special Situations V LLC, its investment manager, By: James Dougherty, Chief Financial Officer	05/26/2022
	/s/ James Dougherty - for Strategic Value Special Situations Offshore Fund V, L.P., By: SVP Special Situations V LLC, its investment manager, By: James Dougherty, Chief Financial Officer	05/26/2022
	/s/ James Dougherty - for Strategic Value Special Situations Fund V, L.P., By: SVP Special Situations V LLC, its investment manager, By: James Dougherty, Chief Financial Officer	05/26/2022
	/s/ James Dougherty - for SVP Special Situations V LLC, By: James Dougherty, Chief Financial Officer	05/26/2022
	/s/ James Dougherty - for Strategic Value Excelsior Fund, L.P., By: SVP Excelsior Management LLC, its investment manager, By: James Dougherty, Chief Financial Officer	05/26/2022
	/s/ James Dougherty - for SVP Excelsior Management LLC, By: James Dougherty, Chief Financial Officer	05/26/2022
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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