Thursday, Apr 16, 2009
Property getting crushed although the markets seem to have their rose tinted glasses glued on!
Bloomberg: General Growth Filing Says Eurohypo AG Owed $2.6 Billion
Don't bother clicking on Link as this is the only text.
General Growth Properties’s bankruptcy filing lists Eurohypo AG, a unit of Commerzbank AG, as its largest unsecured creditor, with claims totaling $2.6 billion under two loans.
The Chapter 11 filing today in U.S. Bankruptcy Court in Manhattan lists debts to noteholders totalling about $4 billion.
Posted by tyrellcorporation @ 08:40 AM (358 views) Add Comment
1 Comment
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1. little professor said...
General Growth Properties, one of the largest mall operators in the nation, filed for bankruptcy early Thursday morning in one of the biggest commercial real estate collapses in U.S. history.
Despite bargaining for months with its creditors, General Growth faced increasing pressure to handle its more than $25 billion in debt, largely in the form of short-term mortgages that will come due by next year. The company has been severely wounded by the recession, which has wreaked havoc upon the retailers who inhabit its more than 200 malls in 44 states. Many stores have shuttered, depriving mall operators like General Growth of revenue.
As the second-biggest operator of malls in the nation, behind only the Simon Property Group, General Growth’s troubles have been closely watched by the real estate and retail industry for months. Shares in General Growth, which closed on Wednesday at $1.05, have fallen 97 percent over the past 12 months.