Prime Retail Group said Friday it's going to have to unload some of its assets and seek better loan terms to keep the company afloat.

The outlet mall developer owns Prime Outlets at Grove City in Springfield Township. It wasn't known what assets the company might put up for sale.

Based on current projections, Prime said it believes it will not meet debt requirements in 2002. The company's debt includes fixed rate tax-exempt revenue bonds of $18.4 million and an outstanding loan of $114.4 million.

If Prime doesn't meet terms for the bonds or the loan, it could trigger a default on other outstanding debt obligations, Prime said.

The company said it intends to meet with the affected lenders to discuss potential resolutions.

If it is unable to secure additional sources of liquidity or reach satisfactory resolution with its lenders, there would be substantial doubt about the company's ability to continue as a going concern.

Friday's announcement is seen as a sign Prime's lenders are keeping a tight leash on the company. In 2000 the Baltimore company flirted with bankruptcy when it suspended dividends and defaulted on a $20 million loan obligation. But the company restructured, managed to refinance its debt to free up cash and sold off properties to satisfy lenders.

Prime Retail has repeatedly said the Springfield Township outlet mall, which has more than 130 stores, is among its top performing properties.