[RTC List] Bayshore Mall Files For Bankruptcy

[William Van Hefner]

This doesn't seem to have hit today's newspapers or any local news
websites that I know of yet, so thought that I'd pass it along. Not
unexpected news, but still sad...

Bayshore Mall, General Growth File For Bankruptcy Protection

HumboldtOnline.Com, Eureka, Calif.

General Growth Properties, Inc., the second largest mall owner in the
United States, has filed for Bankruptcy in the United States Bankruptcy
Court for the Southern District of New York.

The Chicago-based corporation, which listed total assets of $29.56 billion
and total debts of $27.29 billion, sought Chapter 11 bankruptcy protection
from creditors along with 158 of its more than 200 U.S. malls, as it
struggles to continue paying down its debt. Included among the 158
entities included in the bankruptcy are Bay Shore Mall II L.L.C., Bay
Shore Mall Partners and Bay Shore Mall, Inc.

Certain subsidiaries, including GGP’s third party management business
conducted by General Growth Management, Inc. and GGP’s joint ventures have
not filed for protection. A complete list of subsidiaries and the related
operating properties that have filed voluntary petitions can be found at
http://www.ggp.com, as well as a list of operating properties not involved
in the filings.

GGP’s retail centers, office properties and master planned communities
will be open for business as usual as the company restructures its debt.
Properties will continue to operate, and employees will continue to be
paid.

The company has hired law firms Weil Gotshal & Manges and Kirkland & Ellis
to represent it, according to court papers.

The case is In re: General Growth Properties Inc, U.S. Bankruptcy Court,
Southern District of New York, No. 09-11977.


-- 
William Van Hefner - President
Vantek Communications, Inc.
e-mail: editor at humboldtonline.com