editor Posted April 16, 2009 Share Posted April 16, 2009 It's been a long time coming, but it's finally happened. General Growth Properties has filed for Chapter 11 bankruptcy protection:http://www.ggp.com/Company/Pressreleases.a...ew&prid=451GGP also owns The Woodlands Mall, Willowbrook Mall, First Colony Mall, and Baybrook Mall so I'm moving this to the HAIFinance section. Link to comment Share on other sites More sharing options...
musicman Posted April 16, 2009 Share Posted April 16, 2009 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 Link to comment Share on other sites More sharing options...
Kirzania Posted April 16, 2009 Share Posted April 16, 2009 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. Link to comment Share on other sites More sharing options...
editor Posted April 16, 2009 Author Share Posted April 16, 2009 Duplicate threads merged. Link to comment Share on other sites More sharing options...
bachanon Posted April 18, 2009 Share Posted April 18, 2009 General Growth Link to comment Share on other sites More sharing options...
houstonmacbro Posted April 19, 2009 Share Posted April 19, 2009 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. Link to comment Share on other sites More sharing options...
woody_hawkeye Posted April 20, 2009 Share Posted April 20, 2009 full storyit'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. Link to comment Share on other sites More sharing options...
Muralpainter Posted April 21, 2009 Share Posted April 21, 2009 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 Link to comment Share on other sites More sharing options...
bachanon Posted April 22, 2009 Share Posted April 22, 2009 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 Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.