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.

Further reading:

Business recovery: rally the troops

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor