BRIEF: Regency Square mall owner General Growth Properties declares bankruptcy

Thu. April 16, 2009; Posted: 06:33 PM

Apr 16, 2009 (The Florida Times-Union - McClatchy-Tribune Information Services via COMTEX) -- GGP | Quote | Chart | News | PowerRating -- The owner of Regency Square mall in Jacksonville announced today it is has filed for bankruptcy court protection from creditors.

General Growth Properties of Chicago says the Chapter 11 bankruptcy filing will seek to reduce and restructure its debts.

"All day-to-day operations and business of all the company's shopping centers and other properties will continue as usual," the company's announcement says.

General Growth Properties owns or manages about 200 regional malls across the country. It owns Regency Square mall, located off Arlington Expressway.

The company says it faces a "credit crisis" and had attempted for months to reach an out-of-court agreement with lenders.

"Our core business remains sound and is performing well with stable cash flows," said Chief Executive Officer Adam Metz. "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. 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."

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