Beleaguered Mall Owner Weighs Bankruptcy

Law360, New York (November 12, 2008, 12:00 AM EST) -- As it comes dangerously close to defaulting on debt, the country’s second-largest shopping mall owner, General Growth Properties Inc., has revealed to investors that it is considering seeking bankruptcy protection.

In a third-quarter financial report filed Monday with the U.S. Securities and Exchange Commission, General Growth warned that it has $900 million worth of property debt and $58 million worth of corporate debt scheduled to be repaid by Dec. 1.

Additionally, the company said in the filing that it has more than $3 billion in property...
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