Colorado Mills owner warns against bankruptcy
The owner of Lakewood’s Colorado Mills Mall warned Tuesday it could be forced into bankruptcy by March 31 if it is unable to sell all or part of the company to repay a loan of $ 1.1 billion.
The Chevy Chase, Md.-based Centre developers and operators the results of an investigation into its accounting practices require that an adjustment of their revenue in 2001 and 2004 by the first three quarters of 2005.
Mistakes should reduce shareholders’ equity of $ 347 million to $ 352 million and were due to accounting errors and possible misconduct.
Mills Corp. The saddle is heavy debt and has said previously, it tries to sell. He received a bid by an Israeli company in October, but analysts say other potential candidates were awaiting the financial situation of the restatements determine its value.
In Tuesday’s filing with the U.S. Securities and Exchange Commission, mills, she said can not withdraw money on the $ 1.1 billion loan, unless it can recapitalization or sale of any or a portion of his fortune.
If it is forced, in the bankruptcy of the company said in storage, shareholders may lose their entire investment. ”
Messages of a possible bankruptcy if little surprise came from Wood Lake City Manager Mike Rock. He said previously that the problems at Mills Corp., which led the company to neglect their responsibilities in the Colorado Mills.
Lakewood Mall The meeting was financial expectations, turnover grew by 2.67 percent in November, said the rock, but Mills Corp. did not put in the type of tenants he promised. He also neglected the ground of a former car dealership, you buy them, but never completely refurbished.
“At the local level, this floundering Corporate seem not to have any major effects, but it stresses that we are probably to a new owner (Colorado Mills) at a certain point,” he said.
Rock said he remains convinced that the Colorado Mills is an extremely property market.
In a statement Friday, Mills Corp. said there was an agreement with partner countries as regards the canton of several joint ventures.
As part of the agreement, Mills said it would contribute to $ 25.5 million, Kan-Am for investments in the Colorado Mills.
The Mills Corp. has dropped by nearly 21 percent to $ 14.82 Tuesday.
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