Entries tagged "General Growth Partners"
The mere name of mall developer General Growth Properties Inc. seems like an oxymoron these days. The once high-flying REIT is sputtering as the value of its stock has lost more than 99% of its value this year as credit has dried up, demand for commercial space has waned, and it holds nearly $19 billion in debt with $900 million in mortgages due next week. Now, The Wall Street Journal reported Thursday that General Growth has hired bankruptcy counsel Sidley Austin LLP to restructure its debt to avoid a bankruptcy filing. ...
