Village President of Machesney Park Tom Strickland was initially worried when he heard of the news, but said, business operations in the mall will continue on as usual.
Rubloff Development Group purchased the property in 2004.
The mall is home to stores like JcPenny, Burlington Coat Factory, Big Lots, and other surrounding stores-- all of which will remain open.
The development group still owes BMO Harris Bank over $650,000 as well as accruing interest rates and fees.
Construction workers are finishing up work on a new entrance road for the mall.
Strickland said, the construction was in no way affected because it's a village project.
The Chief Operating Officer for Rubloff said, they're confident an agreement can be reach with BMO Harris Bank in order to keep the property.
Calls were made to Dougherty Funding LLC, a financial group is working with the development.
WTVO News have yet to hear back from Dougherty.