Thursday, December 11, 2008
Second-Largest Mall Owner To Default on Loans Friday, December 12th
In a sign of the times, the second-largest mall owner in America - General Growth Properties - will probably file for bankruptcy on Friday, December 12th. Here's a timeline:
- November 12: General Growth plunges on viability concerns
- November 20: General Growth takes on bankruptcy counsel
- December 1: General Growth gets loan extension, avoids bankruptcy. The extension was apparently a two-week extension on $900 million in debt, from November 28th to tomorrow, December 12th.
Update: General Growth's creditors refinanced the $900 million. However, General Growth still has major problems.
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