A Tulsa County judge put Promenade Mall in receivership after a company representing the owners missed a deadline to settle a lawsuit filed by the mortgage holder.
The owners haven’t made loan payments since March and owe more than $6 million. Ready Capital Corp., the mortgage holder, began foreclosure proceedings in June.
On July 10, Promenade Mall's owners were given two weeks to pay the full amount owed.
Ready Capital claims the mall's value slid from $25.9 million in 2016 to $4.5 million today.
The mall will stay open while in receivership.