General Growth Properties facing bankruptcy
By Mike Wong, Realtor: Commercial, Residential, Leasing, Invest
(Keller Williams Realty Southwest)
General Growth Properties which owns 5 shopping malls in the Houston area: Baybrook Mall, Deerbrook Mall, First Colony Mall, The Woodlands Mall and Willowbrook Mall reported in a regulatory filing Tuesday that it faces potential bankruptcy if it's unable to refinance its debt. In addition to its Houston malls and other holdings, General Growth has dozens of other malls and high-end properties throughout the U.S. The publicly traded company also owns a 50% interest in The Woodlands and was a developer of Bridgeland which are both master-planned communities. The company reported it has about $958 million in debt that is due Dec. 1, with another $3 billion due in 2009. GGP warned in its filing with the U.S. Securities and Exchange Commission that efforts to refinance or extend that credit ...
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