General Growth properties files for bankruptcy
After having spent the last the seven months trying to refinance $27 billion of debt, Chicago-based General Growth Properties filed for bankruptcy today marking yet another victim of the current credit crisis in the financial markets.
General Growth Properties, which owns more than 200 malls including Faneuil Hall in Boston and the South Street Seaport in Manhattan, filed for Chapter 11 bankruptcy protection Thursday, April 16, 2009, in a tough bargaining move to restructure its $27 billion in debt.