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GGP, which owns more than 200 malls across the country -- including Coronado Center in Albuquerque, Faneuil Hall in Boston and South Street Seaport in Manhattan, said shoppers at its malls will not be affected by the bankruptcy filing, the AP reported.
The Chicago-based company is paying the price for its aggressive expansion at the height of the real estate boom and bought several properties at top dollar and is now finding lenders unwilling to refinance, according to the AP's Alex Veiga.
Chapter 11 protection typically allows a company to hold off creditors and operate as normal while it develops a financial reorganization plan, the AP said.
The news sent the real estate investment trust's stock down 16 cents, or 15 percent, to 89 cents a share in mid-morning trading, the AP said. The stock traded last spring as high as $44.23.
Here is GGP's own statement on the bankruptcy filing.
According to Bloomberg.com, it's the biggest real estate bankruptcy in U.S. history.
"We intend to emerge as a leaner company," General Growth President Thomas Nolan said in an interview today with Bloomberg television. "We want to come out as a less leveraged company. Our business model remains strong."
The bankruptcy may remake the nation's mall business and allow General Growth competitors including Simon Property Group Inc. to buy properties and strengthen its position as the No. 1 mall owner, said Dan Fasulo, managing director at real estate research firm Real Capital Analytics.
"I think Simon's going to be able to pick up some of these assets on the cheap," Fasulo told Bloomberg.com in an interview.
Simon Property Group Inc. owns Cottonwood Mall in northwest Albuquerque.
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