The start of the bursting of the commercial real estate bubble....
Quote:
NEW YORK (Reuters) – General Growth Properties Inc, the second largest U.S. mall owner, filed for bankruptcy protection on Thursday in one of the biggest real estate failures in U.S. history.
Ending months of speculation, the Chicago-based mall owner, which listed total assets of $29.56 billion and total debts of $27.29 billion, sought Chapter 11 bankruptcy protection from creditors along with 158 of its more than 200 U.S. malls, while it seeks to restructure some of its debt.
Since November, General Growth has warned that it may have to seek protection from its creditors when it was unable to refinance maturing mortgages.
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General Growth files for bankruptcy protection (http://news.yahoo.com/s/nm/20090416/bs_nm/us_generalgrowth_bankrupcty - broken link)
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