Bankruptcy- Real estate giant General Growth Properties declares bankruptcy

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Real estate giant General Growth Properties declares bankruptcy

Thursday, April 16, 2009
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By Daily Crux Editor Sean Goldsmith:

General Growth Properties, the second-largest U.S. mall owner, filed for Chapter 11 protection after it failed to refinance $27.3 billion in debt. The company, which owns more than 200 malls, listed $29.5 billion in total assets and $27.3 billion in debts… making it the largest real estate bankruptcy in U.S. history.

CEO Adam Metz said it would be "impossible" to refinance GGP's huge debt load outside of Chapter 11. Like most debt-laden companies currently fighting off bankruptcy, GGP made a huge, levered acquisition near the market top…A large chunk GGP's debt came from its $11.3 billion purchase of commercial-property developer Rouse in 2004.

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Topics:		Bankruptcy \| Real_Estate

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