NEW YORK (Reuters) – Shares of General Growth Properties Inc GGP.N fell 73 percent on Tuesday after the second-largest U.S. mall owner expressed doubts that it could continue operating due to its looming near-term debt.
The Chicago-based retail property company has $1.13 billion in debt coming due, including $900 million in secured mortgage debt on the two of its Las Vegas shopping centers due on November 28 and $58 million of corporate debt due on December 1. It also faces another $3.07 billion due next year, the company said on Monday in a filing with the U.S. Securities and Exchange Commission.
What Does this mean? To Our Community?
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November 13, 2008 at 8:43 am
Spring Hill Mall has been dying a slow death for years now. Walmart will help with the demise of Spring Hill Mall and some of the other magnet stores.
You’ll also see that all those stores along Randall Road in Algonquin will start to fold one by one, due to the over building of stores there.
There’s only so much cash going around these days. We can thank the Bush Administration and the free-spending Republicans in Washington D.C. for the party they threw the las 8 years. Now we have to tighten our belts and that includes the next couple of generations to pay off that huge debt that Bush and his buddies have left us.
Yours truly,
Frank “party is over” Stoneham