In Chicago, the Owner of Several Dallas-Fort Worth Area Malls Teeters on the Brink of Bankruptcy

General Growth Properties Inc.'s shares are worth next to nothing today -- 40 cents, following an all-time low of 24 pennies earlier today. And though the company is based out of Chicago, its fate will have dramatic repercussions locally should it either file bankruptcy, as expected, or disappear altogether in...

By Robert Wilonsky

November 12, 2008

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General Growth Properties Inc.'s shares are worth next to nothing today -- 40 cents, following an all-time low of 24 pennies earlier today. And though the company is based out of Chicago, its fate will have dramatic repercussions locally should it either file bankruptcy, as expected, or disappear altogether in the wake of $1 billion worth of debt that's mere days from coming due. GGP happens to own six malls in the Dallas-Fort Worth area, among them Collin Creek Mall, The Parks at Arlington, Vista Ridge Mall, Town East Mall, Hulen Mall and Stonebriar Centre; it also manages the Galleria Dallas. And, notes the Associated Press, "Making matters worse is another $3.07 billion in property and corporate debt slated to come due next year." One suggestion: more teen idols at the Galleria. --Robert Wilonsky

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