The company has been in financial distress since last year. It expects to have to delay as much as a year its Meadowlands Xanadu project in New Jersey, and that the expected yield may be lower than initially anticipated. For previous coverage, click here.

Last month the company received some room to maneuver when it closed on $1.91 billion of a $2.23-billion financing with Goldman Sachs Mortgage Co., with the remainder expected to be closed over the next several months. The majority of the net proceeds were used to pay off its existing line of credit, two corporate-level term loans, the repayment of one recourse construction loan and the acquisition by GSMC of three recourse construction loans. The remaining funds, of approximately $387 million will be used for working capital and general corporate purposes.

"Everyone at the Mills is focused on managing our core business, including developments and redevelopments, while moving forward in the exploration of strategic alternatives, said Laurence C. Siegel, chairman and CEO, at the time. "This financing enhances our liquidity and enables us to concentrate on our business and strategic decisions in support of our shareholders."