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Company that owns The Woodlands + 4 local malls goes bankrupt

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In the Houston area, the real estate investment trust owns, in whole or in part, Baybrook Mall, Deerbrook Mall, First Colony Mall, The Woodlands Mall and Willowbrook Mall. The company is also developing the Bridgeland master-planned community, in addition to owning just over half of The Woodlands Development Co.

The move by the Chicago-based company had been widely anticipated since the fall, when the company warned it might have to seek bankruptcy protection if it didn

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I heard about this about 5 minutes after reading that one of their subsidiaries is suing Kern River.

Developer files suit over Kern River expansion Seems strange they filed for bankruptcy but they have the money for the lawyers to go after a pipeline. The pipe currently runs through their own development ... Not sure why they wouldn't change their minds if Kern offered them enough money.

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I believe that this is just the beginning of a string of bankruptcies that is going to occur in the commercial real estate market. If the big profitable (?) malls aren't making money, what's going on with the others.

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it's a bit confusing how they (GGP) can be an owner and yet the woodlands is a "stand alone locally operated and managed company..." forgive my ignorance, but if someone wouldn't mind a brief explanation how all of these entities are related? thanks.

This happens in many large corporations. When in a partnership, the partner usually wants protection from the other partner. I worked in one of these, an oil field of three partners. The company was totally independent. When it needed capital it could go to the parent companies and make a call, optional financing/investments in the partnership. Employees may be on loan from parent companies or may be employees of the partnership. I have been told that the operating company here is self sustaining financially and is able to provide contracted cash to parent companies and operate for this full year without any issues.

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From todays "The Woodlands E-Neighbor"

General Growth Properties, Inc. (GGP) announced on Thursday, April 16, 2009 that it has voluntarily sought relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Certain GGP subsidiaries and GGP

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From todays "The Woodlands E-Neighbor"

General Growth Properties, Inc. (GGP) announced on Thursday, April 16, 2009 that it has voluntarily sought relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Certain GGP subsidiaries and GGP

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