[RTC List] Bayshore Mall Files For Bankruptcy

[Michael Meuser]

I'm not surprised either.  It may be the sign of a new and better beginning
though. The mall had a lot to do
with killing local businesses in Humboldt County - the damage has been
done.  Hopefully there is
still enough entrepreneural spirit and capital for local business to
reinhabit main streets up and down
North Coast. The mall sold a lot of imported stuff that could be made here.
It's time to reindustrialize
and localize.



On Thu, Apr 16, 2009 at 12:33 PM, William Van Hefner <
vantek at humboldtonline.com> wrote:

> 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
>
>
>
>
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>



-- 
Mike Meuser
Right-To-Know More
http://www.toxicrisk.com
http://www.mapcruzin.com
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