BOARDMAN TWP., Ohio - Operators of Boardman’s Southern Park Mall admitted on Tuesday that bankruptcy is a possibility.

In a financial report, the management of Washington Prime Group stated that there is “substantial doubt about the Company’s ability to continue as a going concern”.

Reporting a net loss of $111 million in the final quarter of 2020, the company said it is in negotiations to restructure.

Washington Prime has signed an agreement with some lenders representing 67% of the debt to forestall default through at least the end of March.

If a longer-term agreement on debt isn’t reached, the company stated that the Company may seek the protection of the Bankruptcy Court.

Washington Prime said that filing Chapter 11 would subject the company “to the risks and uncertainties associated with bankruptcy and may harm the Company’s business and place its equity holders at significant risk of losing all of their investment in the Company; the Company’s limited liquidity could materially and adversely affect its business operations”