General Growth doesn't get approval for loan extension Dec 16, 2008
CHICAGO General Growth Properties Inc., whose Hawai'i holdings include Ala Moana Center and Ward Centers, failed to reach unanimous agreement with lenders on extending the maturity of $900 million in loans for properties in Las Vegas that were due on Dec. 12. Asked if the company was in default on the Las Vegas loans, General Growth spokesman Tim Goebel said the lenders "haven't acted against us and we're talking.". (Honolulu Advertiser)
Lend Lease Promotes McCann as Chief Executive Amid Olympic Village Delays Dec 16, 2008
General Growth Properties Inc., the second-largest U.S. mall owner, yesterday failed to reach unanimous agreement with lenders on extending the maturity of $900 million in loans for properties in Las Vegas that were due Dec. 12. Lend Lease had cash reserves of more than A$800 million as of Oct. 31. (Bloomberg -- Australia & New Zealand)
Mall Giant In Las Vegas Squeeze Dec 16, 2008
General Growth Properties, the second-largest US mall owner, failed to reach unanimous agreement with lenders on extending the maturity of 900 million in loans for properties in Las Vegas that were due last Friday. Asked if the company was in default on the loans, General Growth spokesman Tim Goebel said the lenders "haven't acted against us and we're talking.". (New York Post -- Business)
Mall owners default imminent, according to major rating firm Dec 14, 2008
Fitch Ratings downgraded General Growth Properties Inc.'s credit ratings this week, saying default may be imminent for the shopping mall owner ... Fitch downgraded the issuer default rating to "C," it's lowest junk rating, from "B'' for General Growth Properties Inc., GGP Limited Partnership and unit The Rouse Co. Fitch also downgraded the revolving credit facility, term loan and exchangeable senior notes ratings for GGP Limited Partnership to "CC/RR5" from "B-/RR5. (Lake Wales News, FL)
The Week's Winners Dec 14, 2008
Activist investor gambles on his own General Growth Properties and sees stock double. LOSERS. (New York Post -- Business)
General Growth shares rise as lender talks continue Dec 13, 2008
CHICAGO (Reuters) - Shares of General Growth Properties Inc. GGP.N soared as much as 57 percent on Friday after the credit-strained company said it had paid off one looming debt, refinanced mortgages maturing next year and continued to talk with lenders to extend loans on two Las Vegas malls that come due today. Stock in the company, the No. 2 U.S. mall operator, was last up 34 cents, or 23. (Reuters)
Market Winners & Losers: Equity Residential, E*Trade Dec 13, 2008
CB Richard Ellis Group Inc. (CBG) Most of the real estate sector saw a boom on news that troubled property owner General Growth Properties (GGP) was able to refinance nearly $900 million in debt and, thus, stave off bankruptcy. CBG shares certainly saw the boost, surging more than 21% on the day to close at $4. (Fox News)
General Growth desperate to unload Ward Centers Dec 13, 2008
General Growth Properties officials said their "GGP Mall Gift Cards" are issued and backed by American Express and will continue to be usable at merchants that accept American Express credit cards ... General Growth Properties Inc. has put Ward Centers up for sale this month in an attempt to bring down billions of dollars in debt and stave off bankruptcy ... General Growth Properties officials said their "GGP Mall Gift Cards" are issued and backed by American Express and will continue to be... (Honolulu Star-Bulletin)
US stocks advance Dec 13, 2008
General Growth Properties surged 25%, leading real-estate companies higher, after refinancing debt to stave off bankruptcy. General Motors Corp. and energy stocks retreated. (Sydney Morning Herald -- Business)
General Growth Properties narrowly avoids default on $900M in debt but still faces finance hurdle Dec 13, 2008
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General Growth still in debt talks Dec 13, 2008
WASHINGTON Troubled mall owner General Growth Properties Inc., trying to stave off a bankruptcy filing, said it is still trying to negotiate an extension on $900 million in debt that is due to be repaid Friday, but warned there can be no assurance it will get a reprieve. Investors, however, appeared optimistic that a bankruptcy filing would be avoided. (AZCentral -- Business)
Major Hawaii mall may be sold off to ease company debts Dec 13, 2008
General Growth Properties, the nation's second-largest shopping mall operator, said it will consider selling one or more of its four Hawai'i properties (which include Ala Moana Center) as the company flirting with bankruptcy struggles for a way to pay off maturing debts. The Chicago-based firm also said it has retained a real estate investment banking firm to find a development partner, or potentially a buyer, for Ward Centers as it pursues a 20-year redevelopment plan for the 60-acre property... (Honolulu Advertiser)
General Growth refinances mortgages Dec 13, 2008
General Growth Properties, owner of Landmark Mall, Tysons Galleria and about 200 shopping centers nationwide, has refinanced $896 million in debt, potentially avoiding a bankruptcy filing. The Chicago-based company used the proceeds to refinance $814 million in mortgage debt and to pay off a $58 million bond. (Washington Business Journal, DC)
Ackman's Mall Gamble Pays More Than Double Dec 13, 2008
Ackman gambled that all-but-bankrupt shopping-mall giant General Growth Properties could somehow refinance 900 million in debt by yesterday's deadline and escape bankruptcy. Although the developer's shares had collapsed to just 24 cents each, and its more than 200 shopping malls, including South Street Seaport and Staten Island Mall locally, were bleeding in the recession, Ackman's long-shot paid off handsomely. (New York Post -- Business)
Will Pabst Centre actually open in 2010? Dec 12, 2008
Developers Diversified was announced in December 2007 as the second developer/owner of the Town Centre after General Growth Properties of Chicago pulled out in October 2007. General Growth, which owns Mayfair Mall in Wauwatosa, recently disclosed that its financial woes may lead to a bankruptcy filing. (Milwaukee Business Journal, WI)
Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased General Growth Properties, Inc., Announces Class Action Lawsuit and Seeks to Recover Losses - GGP Dec 11, 2008
Glancy Binkow erg LLP, Representing Investors Who Purchased General Growth Properties, Inc., Announces Class Action Lawsuit and Seeks to Recover Losses - GGP ... Glancy Binkow erg LLP, Representing Investors Who Purchased General Growth Properties, Inc., Announces Class Action Lawsuit and Seeks to Recover Losses - GGP ... LOS ANGELES, Dec. 10 /PRNewswire/ -- Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the... (PR Newswire)
Fitch downgrades St. Louis Galleria owner Dec 11, 2008
General Growth Properties (NYSE: GGP) on Dec. 1 received a two-week extension on $900 million in mortgage loans that came due Nov. 28. The Chicago-based company said it was seeking a longer-term extension. (St. Louis Business Journal, MO)
Mall owners extend loan Dec 7, 2008
Published: Saturday, December 6, 2008 11:09 AM EST Shopping-mall owner General Growth Properties Inc. said it reached an interim agreement to extend the maturity of $58 million in notes ... General Growth Properties, the nation's second-largest shopping mall owner, has been hit hard by the deteriorating U.S. economy and problems at struggling retailers. (Lake Wales News, FL)
Citigroup blocks longer General Growth extension: report Dec 6, 2008
General Growth Properties, Inc. (GGP) is a self-administered and self-managed real estate; John BucksbaumChairman of the Board Adam MetzInterim Chief Executive Officer, Director From The Lists Your resource for everything related to business in Chicago. 21. (Crain's Chicago Business)
Mall firm property is again for sale Dec 5, 2008
West Windsor Mayor Shing-Fu Hsueh confirmed yesterday what has been rumored in the township for months -- that Chicago-based General Growth Properties is selling the land it acquired when it bought The Rouse Co. in 2004 for $12. 6 billion. (NJ.com -- Times)
General Growth gets extension on additional debt Dec 3, 2008
General Growth Properties, Inc. (GGP) is a self-administered and self-managed real estate; John BucksbaumChairman of the Board Adam MetzInterim Chief Executive Officer, Director From The Lists Your resource for everything related to business in Chicago ... General Growth Properties, the nation's second-largest shopping mall owner, has been hit hard by the deteriorating U.S. economy and problems at struggling retailers. (Crain's Chicago Business)
General Growth receives 2-week reprieve on loan Dec 3, 2008
WASHINGTON Shopping-mall owner General Growth Properties Inc. is getting a two-week extension on $900 million in debt that had been scheduled to come due last week as the company works to stave off bankruptcy and negotiate longer-term extensions with lenders ... Chicago-based General Growth Properties, whose Hawai'i holdings include Ala Moana Center and Ward Centers, has been hit hard by the deteriorating U.S. economy and problems at struggling U.S. retailers ... General Growth Properties... (Honolulu Advertiser)
Shreve is closing Chestnut Hill store Dec 2, 2008
Simon's mall operator rival, General Growth Properties, which runs Faneuil Hall and the Natick Collection, is considering bankruptcy as it faces millions of dollars of debt that are coming due. At the Mall at Chestnut Hill, a relatively small shopping center, Shreve's closing will make at least the third vacancy, and at roughly 6,000 square feet, possibly the largest hole in a mall filled with other struggling merchants, including and J. Jill. (Boston Globe)
Mall operator gets 2-week loan reprieve Dec 2, 2008
Chicago-based General Growth Properties, the nation's second-largest shopping mall owner, has been hit hard by the deteriorating US economy and problems at struggling US retailers. Analysts are unsure whether new managers, installed in late October, will be able to keep the company afloat given its staggering debt load. (Boston Globe)
Durham mall owner gets more time on loan Dec 2, 2008
General Growth Properties gets loan extension - Triangle Business Journal ... General Growth Properties gets loan extension. (Raleigh Triangle Business Journal, NC)
General Growth gets loan extension Dec 2, 2008
General Growth Properties Inc., owner of Carolina Place mall in Pineville, has received a two-week extension on $900 million in mortgage loans that came due on Friday. The company says it is seeking a longer-term extension. (Charlotte Business Journal, NC)
UPDATE 1-General Growth gets two-week loan extension Dec 1, 2008
PHILADELPHIA, Nov 30 (Reuters) - Shopping mall owner General Growth Properties Inc GGP.N said on Sunday it won a two-week extension on the maturity of $900 million in mortgage loans, giving it a reprieve as it talks to its lenders about a longer term extension. General Growth, the No. 2 mall owner in the United States, has been in talks with lenders to extend $900 million in secured mortgages on two Las Vegas shopping centers, Fashion Show mall and Shoppes at the Palazzo. (Reuters)
General Growth Properties gets loan reprieve Dec 1, 2008
CHICAGO General Growth Properties Inc. has received a two-week extension on mortgage loans totaling $900 million, as the troubled shopping mall owner works to stave off bankruptcy and negotiate longer-term extensions with lenders ... General Growth Properties said last month it faced solvency trouble and might seek bankruptcy if it couldn't refinance or extend the nearly $1 billion in debt coming due. (Atlanta Journal-Constitution -- Business)
Market Winners & Losers: Convergys, D.R. Horton Nov 29, 2008
General Growth Properties (GGP). GGP, a commercial real-estate investment trust, got a boost to end the week in which it had both sold a 20% stake to Pershing Square Capital Management and faced a Friday deadline on $900 million of maturing mortgages. (Fox News)
Overseeing the mall Nov 29, 2008
Then he went straight into the mall management business, working for General Growth Properties, one of the largest mall owners in the U.S., with locations including Pine Ridge Mall and Grand Teton Mall in Idaho Falls. The business was somewhat familiar ground for the Naperville, Ill. (Pocatello Idaho State Journal, ID)
Shopping Plano: Spending locally keeps dollars local Nov 27, 2008
According to a study conducted by General Growth Properties, owner of the Collin Creek Mall, more than 50 percent of consumers will start their holiday shopping pre-Thanksgiving or on Black Friday ... In the same study conducted by General Growth Properties, nearly 60 percent of consumers would dedicate a full day of shopping at the mall to complete their holiday shopping. (McKinney Courier-Gazette, TX)
General Growth shoots up after Ackman reports stake Nov 26, 2008
(Crains) General Growth Properties Inc. stock rose 36% Tuesday after activist investor William Ackman reported that his firm holds a 7. 5% stake in the shopping mall owner. (Crain's Chicago Business)
Q&A: Rowland sees vibrant future for 'Center of the Universe' Nov 24, 2008
Q: Are you concerned about the future of General Growth Properties, the Chicago-based real estate investment trust that owns the Brass Mill Center and Commons, and by extension, the future of the mall itself. A: The economic recession we are presently experiencing will unfortunately impact the entire retail sector. (Republican-American)
Mall owner struggles to regain solvency Nov 23, 2008
General Growth Properties Inc., which owns Washington Park Mall in Bartlesville, may be forced to file bankruptcy if it is unable to extend or refinance its nearly 1 billion in debt due in December. Steadily declining this year, its stock market shares recovered slightly to 44 cents per share today after hitting a 52-week low of 24 cents per share on Nov. 12. (Bartlesville Examiner-Enterprise, OK)
In brief: General Growth boosts 'poison pill' | Loop expansion | Inland gets 'buy' Nov 22, 2008
General Growth Properties Inc. has sweetened the terms of its poison pill for existing shareholders in a bid to prevent a lowball offer for the troubled shopping mall owner. The Chicago-based real estate investment trust on Thursday said it has extended for two years, until Nov. 18, 2010, its shareholder rights plan, a device to make hostile takeovers more expensive by increasing the amount of outstanding stock. (Crain's Chicago Business)
Troubled mall owner hires law firm Nov 22, 2008
WASHINGTON -- Troubled mall owner General Growth Properties Inc., the owner of Durham's The Streets at Southpoint, confirmed Thursday that it has hired a law firm to advise it as it struggles to refinance debt. . (Herald Sun)
Big new residential community may be developed in Kakaako Nov 22, 2008
Dubbed Kaiaulu 'o Kaka'ako, or Kaka'ako Community, the ambitious plan by the state's largest private land- owner follows a similar application filed earlier this year by General Growth Properties, the owner of Ala Moana Center, to redevelop 60 acres comprising Ward Centers with a mix of retail and 4,000 residential units. Combined, the two projects if developed as expected could add nearly 7,000 residences to Kaka'ako, or close to 17,000 inhabitants, over 20 to 30 years. (Honolulu Advertiser)
Elk Grove mall developer hires law firm Nov 22, 2008
General Growth Properties retains Sidley Austin LLP in advisory role - Sacramento Business Journal ... General Growth Properties retains Sidley Austin LLP in advisory role ... General Growth Properties has hired one of the nation's largest law firms as it considers filing for bankruptcy protection. (Sacramento Business Journal, CA)
General Growth Properties retains adviser Nov 22, 2008
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Mall giant $27 billion in debt Nov 21, 2008
General Growth Properties Inc., the mall operator that owns Clackamas Town Center and Pioneer Place in downtown Portland, hired a law firm specializing in bankruptcies this week to help dig itself out from under $27 billion in debt. While the move doesn't mean bankruptcy is necessarily pending, the Chicago-based operator of about 200 malls is looking to sell its three high-end malls in Las Vegas and extend deadlines on some of its major loans -- including $900 million due Nov. 28 on the Vegas... (OregonLive, OR -- Business)
General Growth retains Chicago law firm Nov 21, 2008
General Growth Properties retains Sidley Austin LLP in advisory role - Baltimore Business Journal ... General Growth Properties retains Sidley Austin LLP in advisory role. (Baltimore Business Journal, MD)
Clackamas Town Center & Pioneer Place in financial trouble Nov 21, 2008
General Growth Properties, the company that owns Pioneer Place, the Clackamas Town Center, the Salem Center and several other malls, is having trouble paying nearly a billion dollars worth of debt ... A U.S. Securities and Exchange Commission report said the company, based out of Chicago, "may not be able to refinance or repay our substantial indebtedness, which could have a materially adverse affect on our business, financial condition, results of operations and common stock price. And given... (KGW Northwest NewsChannel 8, OR -- Business)
General Growth hires bankruptcy firm, woes mount Nov 21, 2008
Troubled mall owner General Growth Properties Inc. has hired a law firm to advise the company as it struggles to refinance $27. 3 billion in debt. (Republican-American)
General Growth Takes on Bankruptcy Counsel: Report Nov 20, 2008
NEW YORK (Reuters) - General Growth Properties Inc has hired law firm Sidley Austin as bankruptcy counsel as it negotiates with lenders for more time to restructure its $27 billion debt, the Wall Street Journal said on Wednesday. The move does not mean that a Chapter 11 filing from the company is imminent, the report added. (ABC News -- Wire)
Westfield model a global success Nov 20, 2008
Mr Simon said his company was better positioned to survive a drop in spending than competitor General Growth Properties, after taking on less debt than the Chicago REIT.. General Growth, the biggest US shopping centre owner after Simon Property, said earlier this month it may have to seek protection from its creditors if it was unable to refinance or extend $US958 million ($A1. (Sydney Morning Herald -- Business)
Westfield's Peter Lowy Says Malls Will Survive Recession, Spending Drop Nov 20, 2008
Simon said his company is better positioned to survive a drop in consumer spending than competitor General Growth Properties Inc., after taking on less debt than the Chicago-based REIT.. General Growth. (Bloomberg -- Australia & New Zealand)
A new leaf for Quincy Market Nov 18, 2008
That could happen if the troubled Chicago-based General Growth Properties Inc., the current landlord, files for bankruptcy protection, as is possible. The early-19th-century market built along a cobblestone promenade had fallen into disuse, until a bold rehabilitation plan in 1976 - and a 99-year commercial lease - restored the city-owned Quincy, North, and South market buildings. (Boston Globe)
Malls owners may face bankruptcy Nov 16, 2008
Published: Saturday, November 15, 2008 11:12 AM EST General Growth Properties Inc., owners of the Eagle Ridge Mall in Lake Wales, saw its stock plummet this week after the mall owner warned it faces solvency trouble and may be forced to file for bankruptcy if it can't refinance or extend nearly $1 billion in debt due next month ... "General Growth has an interest in more than 200 shopping malls in 44 states.Eagle Ridge Mall was opened in 1996, and covers approximately 650,000 square... (Lake Wales News, FL)
Troubled mall owner may file bankruptcy Nov 15, 2008
General Growth Properties (GGP), which also owns Columbia Mall, is the nation's second-largest mall owner ... General Growth Properties Corporate Spokesman David Keating said Thursday morning, in a telephone interview from his Chicago office ... General Growth Properties Corporate Spokesman David Keating said Thursday morning, in a telephone interview from his Chicago office. (Jefferson City News Tribune, MO)
Integre Advisors: Correction on General Growth Properties Nov 15, 2008
NEW YORK, Nov. 14 /PRNewswire/ -- Integre Advisors states: "In a release issued yesterday titled 'The Move to a Less Levered World' we misstated that 'General Growth Properties had to declare bankruptcy.' It has not. The release should have stated: 'General Growth Properties may have to declare bankruptcy.'". SOURCE Integre Advisors, LLC. (PR Newswire)
Ward contractor sues General Growth for $16M Nov 15, 2008
General Growth Properties Inc., which said it is on the verge of bankruptcy, was slapped with a nearly $16 million lien by the contractor of its Ward Village Shops in Kakaako ... The contractor for Ward Village Shops filed a nearly $16 million lien yesterday against General Growth Properties Inc., which is facing bankruptcy if it fails to refinance or extend nearly $1 billion in debt ... The contractor for Ward Village Shops filed a nearly $16 million lien yesterday against General Growth... (Honolulu Star-Bulletin)
Read more here Nov 14, 2008
On Monday, General Growth Properties Inc., the nation's second-largest mall owner, announced it may default on some of its $1 billion debt obligation due next month. Selectmen Chairman John Ciccariello said the mall has been a frequent topic of discussion this week, and the concern has been around for a while. (Allston Brighton TAB, MA)
Plano: General Growth Properties Inc. faces possible bankruptcy Nov 14, 2008
General Growth Properties Inc. (GGP), owner of Collin Creek Mall and Stonebriar Centre, may be forced to seek bankruptcy protection from its creditors if its debt can't be extended or refinanced ... General Growth Properties acquired Columbia, Md. (McKinney Courier-Gazette, TX)
New manager for market? Nov 13, 2008
General Growth Properties, a Chicago-based real estate investment trust, began leasing Faneuil Hall Marketplace from the city in 2004. (John Tlumacki/Globe Staff) By Jenn Abelson Globe Staff / November 13, 2008. (Boston Globe)
Market Winners & Losers: Ford, AK Steel Nov 13, 2008
General Growth Properties: (GGP). Things go from bad to worse for the mall owner. (Fox News)
2009 commercial real estate outlook darkens Nov 13, 2008
General Growth Properties, the nation's second-largest shopping mall owner, warned investors this week it might have to seek bankruptcy protection if it can't refinance or extend nearly $1 billion in debt due next month. The real estate investment trust faces another $3. (MSNBC -- Business)
Galleria parent may seek protection Nov 13, 2008
Our potential inability to address our 2008 and 2009 debt maturities in a satisfactory fashion raises substantial doubts as to our ability to continue as an ongoing concern, General Growth Properties said in a Securities and Exchange Commission filing ... General Growth Properties reported a quarterly loss of $15. (St. Louis Business Journal, MO)
Ala Moana Center owner may default on debt, file bankruptcy Nov 13, 2008
Shares in General Growth Properties Inc., owner of Ala Moana Center and Ward Centers, plummeted yesterday after the company said it may file for bankruptcy if it can't refinance or extend nearly $1 billion in debt due next month ... Ala Moana Center's owner, General Growth Properties, said it may file for bankruptcy. (Honolulu Advertiser)
Metro Mall Owner Considers Bankruptcy Nov 13, 2008
General Growth Properties owns Oakview, Westroads and Mall of the Bluffs. The company is suggesting bankruptcy may be its only option if it cant refinance its debt. (7 KETV Omaha)
General Growth Properties, owner of Sierra Vista mall, risks default Nov 13, 2008
Associated Press Advertisement CHICAGO General Growth Properties Inc. shares plummeted Tuesday after the mall owner warned it faces solvency trouble and may be forced to file for bankruptcy if it can t refinance or extend nearly 1 billion in debt due next month ... General Growth Properties. (Sierra Vista Herald, AZ)
Mall owner struggling Nov 13, 2008
CHICAGO (AP) -- Shares of General Growth Properties, owner of Pine Ridge Mall in Chubbuck, plunged for the second straight day Wednesday after the struggling mall owner warned it may need to file for bankruptcy and Standard and Poor's said it was removing the stock from the Sindex. GGP also owns Grand Teton Mall in Idaho Falls. (Pocatello Idaho State Journal, ID)
Concord mall's owner faces financial troubles Nov 13, 2008
General Growth Properties is the nation's second-largest owner of shopping malls, including the Steeplegate Mall in Concord. General Growth which also owns Faneuil Hall Marketplace in Boston said this week it may be forced to file for bankruptcy if it can't refinance or extend nearly $1 billion in debt due next month. (Seacoast New Hampshire)
General Growth Dives On Debt Concerns Nov 12, 2008
General Growth Properties, the second-largest U.S. shopping mall owner, had its worst trading day ever yesterday after saying it may seek creditor protection if plans to refinance $958 million in debt do not succeed. General Growth, which bought the Rouse Co. in 2004, dropped 64 percent to close at 49 cents yesterday. (Washington Post)
Market Winners & Losers: Goldman Sachs, Genworth Nov 12, 2008
General Growth Properties (GGP). Shares plummeted on news that the company may not have enough capital to continue operations, many of this coming from the more than $4 billion that the company owes over the next year. (Fox News)
General Growth Properties risks default Nov 12, 2008
Tuesday, November 11, 2008. We've got everything in our. (Honolulu Star-Bulletin)
