Accounting Errors Could Bankrupt Mills

Law360, New York (January 9, 2007, 12:00 AM EST) -- Mall developer Mills Corp. said it might have to file for Chapter 11 protection because of accounting errors that will likely cost it more than $350 million.

The company, which is under investigation by the U.S. Securities and Exchange Commission, said in a filing with the SEC on Tuesday that it might seek bankruptcy protection if it cannot meet the obligations of $1.1 billion loan at the end of March. The company said that shareholders could "lose their entire investment” if it is forced into bankruptcy...
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