Is Kingsport’s Fort Henry Mall in trouble?
General Growth Properties, who manage the Kingsport Town Center (old Fort Henry Mall) is getting themselves in a tight situation because of their massive debt. General Growth Properties is the second largest owner of malls in the United States.
City officials explore buying Redlands Mall
REDLANDS – Weak consumer spending and an overall sluggish economy have stalled plans to remake the 31-year-old Redlands Mall, prompting city officials to explore buying the mall and transforming it into a hub for city government, professionals and finance.
General Growth bankruptcy in the offing?
The credit crisis that is roiling international markets may soon force Elk Grove Promenade developer General Growth Properties (GGP) into bankruptcy according to one analyst.
General Growth to raise capital, shares sink
NEW YORK (Reuters) – General Growth Properties Inc (nyse: GGP – news - people ), the second-largest U.S. mall owner, said Monday it would review strategic alternatives, including the sale of properties, to raise capital to meet its looming debt obligations, and its shares lost a quarter of their value.
General Growth Looks at Alternatives, Sales
CHICAGO-Likely looking to cut debt, General Growth Properties today announced that it is pursuing a comprehensive evaluation of its financial and strategic alternatives, which could include asset sales. The locally based company, led by chairman and CEO John Bucksbaum and Robert Michaels, president and COO, also is developing a plan to generate capital from both core and non-core assets, the sale of joint venture or preferred equity in selected asset pools, a corporate level capital infusion and/or strategic business combinations.
Somera Capital Management owns the Fort Henry Mall and use General Growth Properties to provide management, leasing and development services.