Atlantic City mall to be turned over to lenders

09/23/2009 | Bloomberg

Taubman Centers said it will turn over a boardwalk mall it owns in Atlantic City, N.J., to its lender. Taubman attributed the move to recession-reduced traffic at the mall. "Taubman has made the decision not to fund the negative cash flow, and we're going to start talking to the lenders about restructuring the debt," Taubman Centers Chief Financial Officer Lisa Payne said.

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