Showing posts tagged “General Growth Properties”
Lisa Sorg ·
16 Apr 2009, 8:12 AM ·
1 Comment
The Chicago-based company that owns Southpoint Mall has declared bankruptcy, The New York Times reported early this morning.
According to the Times, under the bankruptcy filing, most of General Growth’s malls will continue to operate, although the company will likely try to sell off some of its properties.
General Growth Properties had accumulated $25 billion in debt; mall vacancies are the highest in a decade, at more than 7 percent of the roughly 1,500 in the U.S.
Durham, business, national bankruptcy, General Growth Properties, Southpoint Mall
Lisa Sorg ·
10 Dec 2008, 11:36 AM ·
Comment
General Growth Properties, which owns Southpoint Mall in Durham and about 200 other malls throughout the U.S., has been downgraded by Fitch Ratings, reports the Florida Business Journal. That means a default may be imminent. On Dec. 1, the Journal reports, the company had received a two-week extension on $900 million in mortgage loans that came due Nov. 28.
Last month WRAL.com quoted Southpoint’s general manager as saying He said the shopping center is “very successful” and that stores there are safe.
Durham County, business, economy default, General Growth Properties, Southpoint
