Mills Corp. In Jeopardy Due to Debt, Accounting
Despite an earlier post this Spring about the Mills Corp being out of financial trouble, financial auditors are now saying that the grim reaper is making another appearance.
Lost in the details of the huge round of financing that Mills received last Spring was a requirement that the company find a buyer by 12/31/06, or pay a huge fee to continue the financing (which it cannot afford and of which, no buyer has been found).
What does this mean for Opry Mills here in Nashville? Probably business as usual as the financial geeks figure out a way to restructure the company or to find multiple owners piece meal for all the parts in all the malls across the country.
Since Gaylord exercised their option to buy a larger interest in Opry Mills earlier this year, they may be interested in taking over the whole enchilada.
It's nice to have a partner with more money than you---one caveat of business that is true in both small and large operations--!!!!
My main question is this--why isn't the Tennessean covering this evolving story, or, at least, the Nashville Post, supposedly Nashville's source for business information??