BRIEF: Company that owns Fallen Timbers files for bankruptcy

Thu. April 16, 2009; Posted: 02:48 PM

Apr 16, 2009 (The Blade - McClatchy-Tribune Information Services via COMTEX) -- GGP | Quote | Chart | News | PowerRating -- The Chicago-based company that owns the Shops at Fallen Timbers in Maumee is filing for bankruptcy.

General Growth Properties Inc. announced Thursday its plans to file Chapter 11 to reduce and restructure its debts. And about 158 regional shopping centers owned by the company also have filed for protection. The announcement does not specifically mention Fallen Timbers or the names of the other shopping centers.

All day-to-day operations of the shopping centers and other properties will continue as usual, the company said.

"Our core business remains sound and is performing well with stable cash flows. We believe that Chapter 11 is the best process for restructuring maturing mortgage loans, reducing the company's corporate debt, and establishing a sustainable, long-term capital structure for the Company," Adam Metz, chief executive officer of General Growth Properties, said in a statement.

"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."

Fallen Timbers, 6832 Russell Rd. in Maumee, was built in 2007. The $125 million project has one-million square-foot with about 50 stores.

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