Augusta Mall Operator Files For Bankruptcy Protection

General Growth Properties Inc. (GGP), the nation’s second-largest mall operator, says it has filed for bankruptcy protection after failing to convince its debt holders to give it more time to refinance its crushing debt. The Chicago-based real estate investment trust said early Thursday it filed for Chapter 11 bankruptcy protection in a New York court. Some 158 regional shopping centers under its control also filed for bankruptcy protection. GGP owns and operates the Augusta Mall.

AP
Published: April 16, 2009

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CHICAGO (AP) - General Growth Properties Inc., the nation’s second-largest mall operator, says it has filed for bankruptcy protection after failing to convince its debt holders to give it more time to refinance its crushing debt.

The Chicago-based real estate investment trust said early Thursday it filed for Chapter 11 bankruptcy protection in a New York court. Some 158 regional shopping centers under its control also filed for bankruptcy protection.

General Growth says it received a financing commitment from Pershing Square Capital Management LP of about $375 million and expects it will be able to continue operating its malls as it reorganizes.

The company says it has about $29.6 billion in assets and more than $27 billion in liabilities.

WJBF News Channel 6’s George Eskola will have more on our Thursday evening newscasts.