Five Months Later, Owner of Stonebriar and Operator of Galleria Finally Goes Chapter 11
And the hits just keep on coming -- though General Growth Properties' filing for Chapter 11 protection this morning wasn't exactly a surprise. Way back in November, we pointed to the Chicago-based mall owner's fiscal issues involving more than a billion in overdue debt payments, which puts in jeopardy the seven DFW-area malls owned and/or operated by GGP, among them Collin Creek Mall, The Parks at Arlington, Vista Ridge Mall, Town East Mall, Hulen Mall and Stonebriar Centre and the Galleria Dallas, which GGP manages. Notes Bloomberg news, the company's $27 billion in debt and 200 properties nationwide makes this "the biggest real estate bankruptcy in U.S. history." But, for now, do keep shopping: "All day-to-day operations and business of all of the Company's shopping centers and other properties will continue as usual," says the company's release.
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