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Shares in Australia's Centro Properties Group, which owns malls in New Zealand, dived 40 per cent yesterday after its chief executive resigned.
The company, a high-profile casualty of the global credit squeeze, also warned that its current liabilities may have been higher than reported.
Centro and its affiliates are struggling to refinance some A$3.9 billion ($4.44 billion) of debt. It has put some assets up for sale.
Centro is Australia's second largest shopping centre owner and owns 700 shopping malls in the United States. It also has malls in Auckland, Wellington and Christchurch, including Kelston and Meadowlands.
Chief executive Andrew Scott will be replaced by the head of the group's United States business, Glenn Rufrano, effective immediately.
Centro also said it was hopeful its lenders would extend the refinancing period for A$1.3 billion of maturing debt it has had trouble rolling over beyond February 15.
Centro Properties shares hit a low of A44.5c yesterday, and by close were trading down A26c, or 30.23 per cent, to A60c, while Centro Retail Group fell A26c, or 44.44 per cent, to A32.5c.
Centro Properties shares lost 80 per cent of their value last month after Centro revealed its troubles, and had been as high as A$10.06 last May.
Centro said there was a prospect that the proportion of current liabilities might have been higher than that reported in its end-June accounts.
Analysts estimate its debts at up to 70 per cent of its equity capital.
Press reports suggested US hedge fund Citadel and US investor Blackstone were among parties interested in taking a stake, while local firms Westfield, AMP and Colonial First State have also reportedly shown interest.
- Agencies
