Sec Form 3 Filing - Strategic Value Partners, LLC @ CBL & ASSOCIATES PROPERTIES INC - 2022-05-16

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Strategic Value Partners, LLC 2. Issuer Name and Ticker or Trading Symbol CBL & ASSOCIATES PROPERTIES INC [ CBL] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 100 WEST PUTNAM AVENUE 3. Date of Earliest Transaction (MM/DD/YY) 05/16/2022 (Street) GREENWICH, CT06830 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price 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 Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Strategic Value Partners, LLC 100 WEST PUTNAM AVENUE GREENWICH, CT06830 X Khosla Victor 100 WEST PUTNAM AVENUE GREENWICH, CT06830 X SVP Dislocation LLC 100 WEST PUTNAM AVENUE GREENWICH, CT06830 X Strategic Value Capital Solutions Master Fund, L.P. 100 WEST PUTNAM AVENUE GREENWICH, CT06830 X Strategic Value Capital Solutions Offshore Fund, L.P. 100 WEST PUTNAM AVENUE GREENWICH, CT06830 X Strategic Value Capital Solutions Fund, L.P. 100 WEST PUTNAM AVENUE GREENWICH, CT06830 X Strategic Value Sullivan Offshore Fund, L.P. 100 WEST PUTNAM AVENUE GREENWICH, CT06830 X Strategic Value Opportunities Fund, L.P. 100 WEST PUTNAM AVENUE GREENWICH, CT06830 X SVP Special Situations III-A LLC 100 WEST PUTNAM AVENUE GREENWICH, CT06830 X Strategic Value Special Situations Master Fund IV, L.P. 100 WEST PUTNAM AVENUE GREENWICH, CT06830 X Signatures /s/ James Dougherty - for Strategic Value Partners, LLC, By: James Dougherty, Chief Financial Officer 05/26/2022 Signature of Reporting Person Date /s/ Victor Khosla 05/26/2022 Signature of Reporting Person Date /s/ James Dougherty - for SVP Dislocation LLC, By: James Dougherty, Chief Financial Officer 05/26/2022 Signature of Reporting Person Date /s/ James Dougherty - for Strategic Value Capital Solutions Master Fund, L.P., By: SVP Dislocation LLC, its investment manager, By: James Dougherty, Chief Financial Officer 05/26/2022 Signature of Reporting Person Date /s/ James Dougherty - for Strategic Value Capital Solutions Offshore Fund, L.P., By: SVP Dislocation LLC, its investment manager, By: James Dougherty, Chief Financial Officer 05/26/2022 Signature of Reporting Person Date /s/ James Dougherty - for Strategic Value Capital Solutions Fund, L.P., By: SVP Dislocation LLC, its investment manager, By: James Dougherty, Chief Financial Officer 05/26/2022 Signature of Reporting Person Date /s/ James Dougherty - for Strategic Value Sullivan Offshore Fund, L.P., By: SVP Dislocation LLC, its investment manager, By: James Dougherty, CFO and By: SVP Special Situations V LLC, its investment manager, By: James Dougherty, CFO 05/26/2022 Signature of Reporting Person Date /s/ James Dougherty - for Strategic Value Opportunities Fund, L.P., By: SVP Special Situations III-A, LLC, its investment manager, By: James Dougherty, Chief Financial Officer 05/26/2022 Signature of Reporting Person Date /s/ James Dougherty - for SVP Special Situations III-A, LLC, By: James Dougherty, Chief Financial Officer 05/26/2022 Signature of Reporting Person Date /s/ James Dougherty - for Strategic Value Special Situations Master Fund IV, L.P., By: SVP Special Situations IV LLC, its investment manager, By: James Dougherty, Chief Financial Officer 05/26/2022 Signature of Reporting Person Date

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.

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 4(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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