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The Chicago developer, crushed by $27 billion in debt, made its Chapter 11 filing in U.S. Bankruptcy Court in New York. General Growth had been negotiating for months with lenders to resolve its debt issues.
General Growth halted construction last fall on the promenade, which was already years behind schedule, and in January it quietly began searching for someone to invest in the property or buy it out altogether. Last month it confirmed that the mall's fall 2010 completion date was on hold indefinitely.
Contractors and vendors have sued General Growth for more than $10 million in unpaid bills.
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Call The Bee's Dale Kasler, (916) 321-1066.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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