Bankruptcy

General Growth Properties, Owner Of Four Atlanta Malls, Files Chapter 11 Petition

By Scott Riddle

From Reuters, General Growth Properties, which owns Comberland, North Point, Perimeter and Southlake Malls in Metro Atlanta, field a Chapter 11 Bankruptcy petition in the Southern District of New York. 

General Growth Properties Inc, the second largest U.S. mall owner, filed for bankruptcy protection on Thursday in one of the biggest real estate failures in U.S. history. Ending months of speculation, the Chicago-based mall owner, which listed total assets of $29.56 billion and total debts of $27.29 billion, sought Chapter 11 bankruptcy protection from creditors along with 158 of its more than 200 U.S. malls, while it seeks to restructure some of its debt....General Growth's filing in the U.S. bankruptcy court in Manhattan makes it one of the largest nonfinancial companies to succumb to the financial crisis in the U.S...

The case is In re General Growth Properties Inc, U.S. Bankruptcy Court, Southern District of New York, No. 09-11977

Full post as published by Georgia Bankruptcy Blog on April 16, 2009 (boomark / email).