Tuesday, November 11, 2008

No. 2 mall operator warns of bankruptcy

No. 2 mall operator warns of bankruptcy

General Growth Properties Inc., the No. 2 mall operator in the United States, has warned that an ongoing slump in retail sales, combined with the credit market lockdown, has pushed the company to the brink of bankruptcy. Chicago-based General Growth Properties (GGP) said in an SEC filing late Monday that it has $900 million of property secured debt and $58 million of corporate debt that's coming up for renewal by Dec. 1. It also faces another $3.07 billion in debt that matures in 2009.

Posted by mark @ 09:33 PM (575 views)
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4 thoughts on “No. 2 mall operator warns of bankruptcy

  • so bush must be saying to gordon on the phone, do i bail out GM or do i bail out the malls? Gordon replies give it to the bankers for their xmas party……………Gordon also whispers, bush can i use your credit card to borrow money to save the UK..

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  • @mark – Bush whispers back “best ring Putin coz r credit card is full up”

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  • planning4acrash says:

    Turn em into workshops and factories, perfect access for trucks, and, let the price drop so mom and pop stores can start up.

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  • planning4acrash says:

    Putin aint got any money after oil plummeted, they just devalued the Rouble today, stocks fell over 15%!

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