Bank of America Sues World Market Center

March 20, 2011  by in UnCategorized   

By Home Furnishings Business in Legal on March 21, 2011

Bank of America has sued World Market Center Las Vegas, alleging failure to make timely loan payments, the Las Vegas Sun reported Thursday.

Bank of America, trustee for investors in the property's mortgages, filed two lawsuits against World Market Center in Clark County District Court.

Lenders claim they're owed $46.6 million and are threatening foreclosure on at least part of World Market Center, according to the report.

The bank asked the court to appoint a receiver to run WMC's phases backing the loans and to collect rents; and that the receiver could run the properties until they're sold or foreclosed on.

Bob Maricich, CEO of World Market Center commented on the report.

"World Market Center continues to work toward a strong financial foundation and a robust new platform that is responsive to the needs and wants of its tenants and the industry for the long-term," he said. "We will continue to work cooperatively with ownership and our lenders on a financial restructuring to advance that mutual objective. In the short-term, we remain focused on running the business and capitalizing on the tremendous success of the Winter Market as we prepare for August."