The owner of Del Amo Fashion Center in Torrance said Tuesday that it must sell off assets to pay a huge debt to avoid being forced to declare bankruptcy, the Daily Breeze reports.
The statement by the shopping center developer, made in a securities and exchange filing, puts into question the future of Del Amo.
According to the regulatory filing, Chevy Chase, Md.-based Mills must repay a $1.1 billion loan by March 31. In addition, Mills may have no cash beyond that date to continue operations.
If Mills is forced into bankruptcy, shareholders could “lose their entire investment,” the company wrote in the federal filing.
