BusinessBusiness RecoveryBankruptcy threat for US shopping mall group

Bankruptcy threat for US shopping mall group

Mills Corporation forced to restate results

The threat of bankruptcy hangs over the head of
Mills Corporation,
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
errors,
Bloomberg
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.

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