For Commercial Market, Mall Giant May Be 1st Domino

Law360, New York (April 16, 2009, 12:00 AM EDT) -- In a move that did not surprise bankruptcy attorneys, General Growth Properties Inc., the country's second-largest mall owner, filed the largest real estate bankruptcy in U.S. history on Thursday, having failed for months to refinance or extend the terms of its staggering $27 billion debt load.

Signaling that the recession has decimated the commercial real estate market, the Chicago-based real estate investment trust, which operates more than 200 shopping malls in 44 states, filed its voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the...
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