BOARDMAN TWP., Ohio - The company that operates the Southern Park Mall and other retail centers around the country has been granted more time to negotiate with its creditors.

In a filing with the Securities and Exchange Commission, Washington Prime Group announced on Tuesday that lenders agreed to extend a forbearance agreement for another week, until May 26, 2021.

A previous agreement had been scheduled to expire on Wednesday, May 19, 2021.

Lenders have granted several bi-weekly and weekly extensions to Washington Prime since March, as the company continues negotiations to avoid possible bankruptcy.

In its latest financial report, Washington Prime Group management 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.

The extension agreement forestalls debt with 67% of Washington Prime's lenders.

The mall owner said earlier that it may seek bankruptcy protection if that if a longer-term agreement on debt couldn't be reached.