The owner of Del Amo Fashion Center in Torrance said late Tuesday that it must sell off assets to pay debt and avoid being forced to declare bankruptcy.

The owner of the center, Chevy Chase, Md.-based Mills Corp., made the announcement in a regulatory filing, putting the future of the huge shopping center into question. Last year, Del Amo completed a $300 million renovation with further improvements scheduled, the company said.

According to the filing, the real estate investment trust is required to repay a $1.1 billion loan by March 31, a move that will leave it with no cash to continue operations. The filing added that if Mills is forced into bankruptcy, shareholders could “lose their entire investment.”

The filing also included the results of an internal audit showing accounting errors and possible executive misconduct, which could cost the company more than $350 million when the company restates its earnings.

Shares in Mills were down 33 cents to $15.15 in midday trading Wednesday.