BOARDMAN — The owner and operator of Southern Park Mall is past due on a $23.2 million interest payment and risks default if it doesn’t pay within 30 days.

Columbus-based Washington Prime Group, which has retail centers across the U.S., saw shares of its stock free fall 38 percent Tuesday to close at $7.49 per share after news of the company’s decision to withhold the payment that was due Monday.

The information was contained in a filing Tuesday with the U.S. Securities and Exchange Commission.

According to the form, Washington Prime has a 30-day grace period to make the payment before defaulting on the the notes. If the company defaults, the trustee or the holders of at least 25 percent of the notes could speed up the outstanding indebtedness, making it due, “which would result in a cross-default” with some of the company’s other debt.

The company has brought on Chicago-based Kirkland & Ellis LLP as legal counsel, and global investment and advisory firm Guggenheim Securities LLC to help it and its subsidiaries in talks “with certain counter parties as well as other lenders within the company’s capital structure,” according to the SEC document.

It intends to use the 30 days to “further said discussions,” the filing states.

A company spokeswoman declined to answer questions, but issued a statement Tuesday afternoon.

“Washington Prime Group’s board of directors has engaged advisors to explore strategic alternatives in order to strengthen the company’s balance sheet,” said Kimberly Green, vice president of investor relations and corporate communications for Washington Prime. “We intend to continue business as usual at Washington Prime Group’s properties, including Southern Park Mall, where our tenants, sponsors and employees will continue operating as normal, with a focus on providing safe and enjoyable experiences for our guests.”

rselak@tribtoday.com