Century III Mall granted $5M line of credit to keep operating during bankruptcy
Owners of West Mifflin’s struggling Century III Mall have been granted a $5 million line of credit by a bankruptcy court to keep operating during its case even as it remains closed by order of the borough code enforcement office.
West Mifflin ordered the mall’s closure on Feb. 6 and it remained closed Monday, according to borough Manager Brian Kamauf, who said the mall was working on making the repairs to its water and fire suppression system so it could reopen.
The closure applies to the internal mall, not its anchor stores including Dick’s and JCPenney.
The mall’s owner, Las Vegas-based Moonbeam Capital Investments, filed for bankruptcy in September and requested the $5 million line of credit so the mall could remain open as its bankruptcy case continues, according to an order granting the request signed by Judge Carlota Bohm.
The 1.3-million-square-foot mall opened in 1979 and was sold to Moonbeam Capital Investments in 2013.
It has been in decline since and West Mifflin officials said last year that Moonbeam had not followed through with revitalization promises.
The mall avoided sheriff’s sales three times last year for reasons that were not made public.
In April, the mall was slated for sheriff’s sale, but the sale was postponed twice, once in June and in September . It is not clear why the sales were postponed.
In the bankruptcy filing, the mall owed between $1 million and $10 million to almost 50 creditors including Sears, Olsen Restoration in Colorado, West Mifflin, law firm Siegel Jennings Co. and Allegheny County.
The mall’s website lists 14 tenants, 12 of which are closed until officials bring the building to code.
Tom Davidson is a Tribune-Review staff writer. You can contact Tom at 724-487-7208, [email protected] or via Twitter @TribDavidson.