General Growth Properties files Chapter 11

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submariner
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General Growth Properties files Chapter 11

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This will make for the largest real estate bankruptcy in U.S. history.
http://www.ggp.com/company/Pressrelease ... w&prid=451

CHICAGO, April 16, 2009--GENERAL GROWTH PROPERTIES, INC. (NYSE: GGP) (“GGP”) today announced that it is voluntarily seeking relief to reduce and restructure its debts under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. In addition, approximately 158 regional shopping centers owned by GGP and certain other GGP subsidiaries (collectively with GGP, the “Company”) have also filed for protection.
Background:
"...General Growth owns, develops, operates, and/or manages shopping malls in 44 states, as well as Master Planned Communities in three states, including Summerlin in Nevada, The Woodlands and Bridgeland in Texas, and Columbia in Maryland. As of January, 2008, GGP had ownership interests in and/or management responsibility for more than 200 regional shopping malls totaling approximately 200 million square feet of retail space."
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