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General Growth Properties Files For Bankruptcy Protection
General Growth Properties, Inc. (GGP) filed for chapter 11 protection to reduce and restructure its debts. The company was pushed into chapter 11 reorganization after it was unable to refinance or extend maturing debt.
The company’s portfolio totals approximately 200 million square feet of retail space and includes over 24,000 retail stores nationwide. It currently has ownership interest in, or management responsibility for, over 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings.
Approximately 158 regional shopping centers owned by GGP and other GGP subsidiaries have also filed for protection. GGP says it intends to pursue a plan of reorganization that extends mortgage maturities and reduces its corporate debt and overall leverage.
The company has received a commitment for a debtor-in-possession financing facility of approximately $375 million from Pershing Square Capital Management, L.P., as agent. When approved by the bankruptcy court, the new facility will provide a source of funds during the chapter 11 process.
All day-to-day operations and business of all of the Company’s shopping centers and other properties will continue as usual.