Thursday, April 13, 2006

The Latest on the (Opry) Mills Corp. | Mills Corp. Gets Default Waivers

From the Houston Chronicle (for some reason).

Looks like the Mills Corp. is working through it's issues, but it seems more and more likely that a sale of the company will be the most probable outcome. The Fidelity Corp. dumped 11 million shares on the market this week, and has completely exited this company from it's mutual funds portfolios.

"Real estate investment trust Mills Corp. said Wednesday its banks agreed to waive defaults through the end of this year, and the company has refinanced the mortgage on one of its outlet malls.

Mills said it is also working to get additional default waivers under construction loans for outlet malls in Pittsburgh, Cincinnati, St. Louis and Georgia.

The announcement comes as Mills explores a possible sale of the company and faces an investigation into its accounting practices. Mills is also restating several years of earnings."