The Greater Fort Wayne Business Weekly newspaper sends out an afternoon email update. This afternoon they included a story regarding Indiana's largest mall, Glenbrook, in Fort Wayne.
General Growth Properties, the Chicago-based real estate investment trust that owns Glenbrook Square Mall, warned Monday that it may have to file for bankruptcy protection from its creditors.
The company said in a Securities and Exchange Commission filing that it is in danger of default on $900 million in mortgage debt due at the end of November. It has more than $3 billion due in 2009.
"In the event that we are unable to extend or refinance our debt or obtain additional capital on a timely basis and on acceptable terms, we will be required to take further steps to acquire the funds necessary to satisfy our short term cash needs, including seeking legal protection from our creditors," the filing said.
"Our potential inability to address our 2008 or 2009 debt maturities in a satisfactory fashion raises substantial doubts as to our ability to continue as a going concern."
General Growth is the second-largest mall owner/operator in the United States. It purchased Glenbrook Square in October 2003, paying $220 million for the 1.2-million-square-foot shopping center.
Tuesday, November 11, 2008
Financial Melt Down Hits Local Retail Center
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment