16 April 2009
LOS ANGELES (AP) - The nation's second-largest shopping mall owner, General Growth Properties, filed for Chapter 11 bankruptcy protection Thursday in a tough bargaining move to restructure it's $27 billion in debt.
General Growth, which owns more than 200 malls, said shoppers at its malls will not be affected by its bankruptcy filing.
The Chicago-based company is paying the price for its aggressive expansion at the height of the real estate boom. General Growth, like many homeowners during the frenzy, bought several properties at top dollar and now is finding lenders unwilling to refinance.
Shopping malls in Louisiana owned by General Growth Properties Inc. include the Alexandria Mall in Alexandria; the Mall of Louisiana in Baton Rouge; Mall St. Vincent in Shreveport; Oakwood Center in Gretna, the Pecanland Mall in Monroe; Pierre Bossier Mall in Bossier City; Riverlands Shopping Center in LaPlace; and the Riverwalk Market Place in New Orleans. ~ read more
Alexandria Mall is owned by Radiant Partners, LLC and managed by General Growth Management, Inc. Its retailers, customers and business associates will see no effect from General Growth Properties’ voluntarily seeking relief under chapter 11 of the Bankruptcy Code.
Operations at Alexandria Mall will continue as usual as General Growth Management, Inc., the management company for Alexandria Mall, has not filed for bankruptcy protection.
Posted by wst... at 12:51