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The nation's second-largest mall operator, filed for Chapter 11 bankruptcy protection after it failed to get more time from its debt holders to refinance billions of dollars in debt racked up during the housing boom.
The Chicago-based company has been in financial trouble for months and in December began seeking buyers for the Boston tourist mecca, along with two other malls in New York City and Baltimore.
Much of the company's debt can be traced to its $11.3 billion purchase in 2004 of Rouse Co., the commercial property developer. Sluggish consumer spending has hurt General Growth's ability to service its loan debt.
The company warned of a possible bankruptcy filing in mid-November if it couldn't refinance its massive debt.
Faneuil Hall Marketplace, built on a market site which dates back to 1742, features nearly 200,000 square feet of retail space with sales per square foot of $719 and a nearly 90 percent occupancy rate. General Growth has leased the property from the city of Boston since 2004.
The company had about $29.6 billion in assets and more than $27 billion in liabilities as of Dec. 31, according to documents filed with the U.S. Bankruptcy Court in the Southern District of New York.
tgrillo@bostonherald.com
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