General Growth Properties considers alternatives

December 18, 2009

CHICAGO - General Growth Properties Inc., the nation's second-largest mall operator, said Thursday it has $3 billion in debt remaining to be restructured and is considering "all indications of interest in the company." The company is also considering financing alternatives such as a public offering of equity. On Tuesday, the company, based in Chicago, said a bankruptcy court approved its plan to restructure $10.25 billion in debt. A plan for restructuring an additional $1.7 billion in debt is up for approval when some conditions are satisfied. General Growth filed the largest U.S. real estate bankruptcy case in history in April, after it expanded aggressively during the real estate boom, amassing $27 billion in debt. Much of its debt came with its acquisition of Columbia's Rouse Co. in 2004. The company owns or operates more than 200 regional malls in 43 states including Baltimore's Harborplace & The Gallery.

- Associated Press

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