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The Woodlands Owners General Growth


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  • 10 months later...
This article has bankruptcy imminent.

A little something is missing in conclusions here. Bankruptcy by one of the partners does not necessarily translate to a failure by the development operating company here. The operating partnership in financially independent and self sustaining as long as it provides the contractual revenue payment which it can and will through 2009. The 50% partnership of course could be up for sale if there is a bankruptcy. Under chapter 11, the asset has value that could be used to help pay off debts. It would be up to the corporate office to determine how to pay off debts, but it also determined by agreement with the chapter 11 process. It would not be the first time an interest in a development has been sold. ... bad timing relative to the economy and the difficulty finding loanable cash.

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Bankruptcy can get really messy really fast, especially if there is trouble moving assets. It doesn't have to be, but sometimes it does. This situation would not be a worrisome one, but one that bears watching, as there are some complex things going on in the Woodlands, and a bankruptcy would grind them to a halt, even if only temporarily.

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