Thursday, April 16, 2009
Property manager of Galleria Dallas and other area malls files Chapter 11 bankruptcy
General operations of the company's malls is not expected to change.
General Growth Properties Inc. owns or manages 17 malls in Texas including the Galleria, Stonebriar Centre, Collin Creek, The Parks at Arlington, and Hulen Mall in Fort Worth, among others. On Tuesday morning the corporation filed for Chapter 11 bankruptcy, which sent its stock plummeting 57%.
Filing for Chapter 11 gives General Growth time to restructure, time the company states it will use to cut its corporate debt and extend terms of mortgage maturities. In the meantime, the general operations of its malls is not expected to change.
Posted by Erin