The threat of bankruptcy hangs over the head of
the owner of 38 US shopping malls, after it was forced to restate its financials
for the last four years.
The restatements came about due to executive misconduct and accounting
reported and sent the share price crashing by 22%.
Mills, which is currently seeking a buyer, will restate results for 2001 to
2004 and for the first three quarters of 2005.
The errors are expected to cost as much as $354m (£182m) and the company may
seek bankruptcy protection if it cannot repay a $1.1bn (£567m)loan, the company
said in a regulatory filing this week.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children