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UPDATE: Mills Gets Default on Credit Line

ARLINGTON, VA-Executives say the default, the potential to borrow and a new mortgage on Sawgrass Mills could strengthen the company. The company is currently exploring a sale and is under investigation by the SEC for accounting flaws.

By Ian Ritter | Updated on April 12, 2006

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

ARLINGTON, VA-Troubled retail-REIT the Mills Corp. received waivers of default from its lenders through Dec. 31, which also permit new borrowings, under certain conditions, of up to $341 million. Mills is also in the process of obtaining waivers on the construction loans of four of its completed projects.

The company is currently exploring a sale and is under investigation by the SEC for accounting flaws. Mills is restating its financials from 2000 through last year after its third-quarter NOI and FFO dropped due to the failure to collect rents, charges on projects under construction and other factors. For previous coverage, click here.

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