Chicago-based General Growth Properties which is the nation's second-largest shopping mall company, to include The Springfield Gateway Mall, Pioneer Place in Portland, Bailey Hills Village in West Eugene, is seeking Chapter 11 protection from its creditors across the country for 158 of its 200 shopping centers that it owns.
The Springfield Gateway Mall, which opened in 1990 and houses about 80 stores is one of those 158 malls seeking Chapter 11 protection.
“While we have worked tirelessly in the past several months to address our maturing debts, the collapse of the credit markets has made it impossible for us to refinance maturing debt outside of Chapter 11,” Chief Executive Adam Metz said in a statement.
1 comment:
Collapsed Credit Market? I guess those trillions really did go down a rat hole.
Post a Comment