DEWITT -- The longtime owner of Shoppingtown Mall has defaulted on the mall's $39 million loan.

It's part of a quarterly report that came out Thursday from Macerich. The loan default happened on May 11th. As a result of the default, the company recorded a $35.7 million impairment charge. 

The default comes after Shoppingtown re-negotiated its assessment with the Town of Dewitt.

Plans for rebuilding the mall have been on hold for several years.