The owner of the Southern Park Mall is preparing to potentially file for bankruptcy, according to Bloomberg. 

Washington Prime Group owns the Boardman mall as well as dozens of other malls throughout the United States. Sources told Bloomberg Washington Prime Group may be heading towards filing Chapter 11 bankruptcy protection. 

The news comes after Washington Prime Group withheld a $23.2 million interest payment that was due back in February. A court filing last month with the U.S. Securities and Exchange Commission detailed the company has a 30-day grace period to make the interest payment. 

If the company does not make the payment, it could constitute an "event of default," which would enable the lender to seize any collateral that has been pledged and sell it to recoup the loan.

At the time, the company told 21 News its board of directors "has engaged advisors to explore strategic alternatives in order to strengthen the company’s balance sheet." The company went on to say it intends to continue business as usual at Washington Prime Group properties.

The Bloomberg report states the talks between Washington Prime Group and its lenders are faltering, according to sources. The sources go on to say that the plan to file for bankruptcy is not final. The tide could turn if "negotiations evolve, or the company’s grace period is extended," Bloomberg writes. 

A Washington Prime Group spokesperson declined to comment on the report Thursday night.