Vegas Market Center Going Forward, Denies Press Reports on Foreclosure
LAS VEGAS-The World Market Center, the massive trade complex here, has issued a strong response to a published report that said it was in foreclosure, saying it is working out a financial restructuring that will positively position it going forward.
The story, which appeared earlier this week in the Las Vegas Review-Journal Business Press, cited credit and research reports that said the WMC had defaulted on loans totaling $565 million and that it was in foreclosure proceedings.
"World Market Center Las Vegas buildings are not in foreclosure," the company said in a statement released to HFN. "There is no foreclosure process pending now or at any time in the past with respect to any of the buildings."
WMC has, like some of the trade show operators in the home business, been negatively impacted by the downturn in business and rising vacancy rates. Earlier this year, MMPI, the large showroom building owner, defaulted on loans for its High Point, N.C., properties and there are ongoing discussions about resolving those issues. Officials from MMPI, which is owned by the giant real estate operator Vornado, denied a press report that it was for sale or being actively shopped around.
The story in the Las Vegas publication went into some detail on the financial situation of WMC and suggested that its future under current ownership was in question.
The statement from WMC countered that strongly. "For the past year we have been proactively working with our financiers toward a financial structure that gives us flexibility in this economic environment. We have a long-term perspective of World Market Center Las Vegas and a long-term commitment to the home furnishings industry."