2nd Largest U.S. Mall Operator Goes Bust
General Growth Properties, 158 Of Their Malls, File For Chapter 11 Bankruptcy Protection
34CHICAGO, April 16, 2009
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Shopppers stroll in Faneuil Hall Marketplace, Aug. 20, 2004, in Boston. T shopping center is one of many owned by Chicago-based General Growth Properties Inc. (AP Photo/File)
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(AP) General Growth Properties Inc., the nation's second-largest mall operator, said early Thursday it had filed for bankruptcy protection after failing to convince its debt holders to give it more time to refinance its crushing debt.
The Chicago-based real estate investment trust said it filed for Chapter 11 bankruptcy protection in a New York court. Some 158 regional shopping centers under its control also filed for bankruptcy protection.
General Growth says it received a financing commitment from Pershing Square Capital Management LP of about $375 million and expects it will be able to continue operating its malls as it reorganizes.
The company says it has about $29.6 billion in assets and more than $27 billion in liabilities.
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Now you're in the public comment zone. What follows is not CBS News stuff; it comes from other people and we don't vouch for it. A reminder: By using this Web site you agree to accept our Terms of Service. Click here to read the Rules of Engagement.
I agree with your post. There has been lots of money borrowed to consume and not much invested to produce in the U.S. This has to change or we are headed on a one way trip.
http://www.dmsolar.com/
No more will worthless toxic derivatives and credit-default swaps fund a life-style of consumerism where literly Americans were told to shop by Ex-President Bush to create worthless credit-default swaps.
Instead of manufacturing spreading accross the land for the last 30 years, only shopping malls, suburban sprawl, and auto-dealerships were invested in by Wall Street/City of London to put America in the bondage of debt-serfdom.
We are so stupid to have let this happen to us and now President Obama is allowing Larry Summers to bail-out this hopeless bankrupt system of worthless derivatives and credit-default swaps.
Folks, we have to call Congress and say 'NO MORE BAILOUTS...CANCEL GEITNER PLAN NOW'!!!
and turning america into a third world country
Posted by stevador39 at 11:19 AM : Apr 16, 2009
The malls employ very few people actually, it's the stores that lease space from the Mall operators.
Most of the stores would continue to operate while the malls are in bankruptcy protection.