CHEVY CHASE MD. —Shopping mall developer Mills Corp., a majority stakeholder in FoodBrand LLC, a food court specialist that operates about 80 mall-based restaurants, may be forced to seek bankruptcy protection because of financial mismanagement, the company told securities regulators early this month.
Mills, which owns 38 large shopping malls in the United States and held a 60-percent equity stake in FoodBrand as of Mills’ last annual earnings report two years ago, had agreed to sell that interest in the second quarter last year and take a write-down of $18 million, though the sale did not transpire, a spokesman confirmed. —Shopping mall developer Mills Corp., a majority stakeholder in FoodBrand LLC, a food court specialist that operates about 80 mall-based restaurants, may be forced to seek bankruptcy protection because of financial mismanagement, the company told securities regulators early this month.
Chinese quick-service segment leader Panda Restaurant Group of Rosemead, Calif., purchased a 40-percent stake in FoodBrand, a licensee of some 30 major casual and quick-service brands, for $9.5 million in 2001. —Shopping mall developer Mills Corp., a majority stakeholder in FoodBrand LLC, a food court specialist that operates about 80 mall-based restaurants, may be forced to seek bankruptcy protection because of financial mismanagement, the company told securities regulators early this month.
Mills would not comment further on its possible bankruptcy, nor would it discuss the possible effects on its mall operations or Westlake Village, Calif.-based FoodBrand. Panda officials could not be reached for comment. —Shopping mall developer Mills Corp., a majority stakeholder in FoodBrand LLC, a food court specialist that operates about 80 mall-based restaurants, may be forced to seek bankruptcy protection because of financial mismanagement, the company told securities regulators early this month.
Mills, which has put itself up for sale, said it would restate financial results for fiscal years 2001 through 2004 and the first three quarters of 2005. Accounting errors or malfeasance involving foreign currency gains, executive bonuses and revenues from joint ventures could cost the company between $347 million and $352 million, according to Mills, whose debts totaled $4.9 billion as of December. —Shopping mall developer Mills Corp., a majority stakeholder in FoodBrand LLC, a food court specialist that operates about 80 mall-based restaurants, may be forced to seek bankruptcy protection because of financial mismanagement, the company told securities regulators early this month.
The company said in a Jan. 10 statement that it had negotiated an extension of its largest senior term loan and believes it will remain in compliance with lenders. —Shopping mall developer Mills Corp., a majority stakeholder in FoodBrand LLC, a food court specialist that operates about 80 mall-based restaurants, may be forced to seek bankruptcy protection because of financial mismanagement, the company told securities regulators early this month.
Mills has not filed updated financial statements with regulators since November 2005. Its most recently filed annual report was for the year ended Dec. 31, 2004. —Shopping mall developer Mills Corp., a majority stakeholder in FoodBrand LLC, a food court specialist that operates about 80 mall-based restaurants, may be forced to seek bankruptcy protection because of financial mismanagement, the company told securities regulators early this month.
—Shopping mall developer Mills Corp., a majority stakeholder in FoodBrand LLC, a food court specialist that operates about 80 mall-based restaurants, may be forced to seek bankruptcy protection because of financial mismanagement, the company told securities regulators early this month.
