Mall Operator in Debt

Centro Properties Group (Glen Waverley, Australia), which owns 700 malls in the U.S., said it is facing a Feb. 15, 2008, deadline to refinance $3.4 billion of debt and is seeking buyers for the company.

The company said it also might recapitalize or sell stock.

Centro’s largest shopping centers in the United States are Independence Mall (Wilmington, N.C.) and Cortland Towne Center (Mohegan Lake, N.Y.). Its eight most valuable properties are in Australia, including Centro Galleria, outside Perth, and Centro Bankstown, near Sydney.