[RTC List] Bayshore Mall Files For Bankruptcy

[Dave Thewlis]

Michael Meuser wrote:
> 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.
It looks as though businesses are in fact moving out of the mall and 
back downtown.  Just in time it appears.  I have the impression that 
people and shoppers are already doing that, just as flocking to the mall 
in the first place pulled local businesses along (unless they were 
killed off by chains).
>
>
>
> On Thu, Apr 16, 2009 at 12:33 PM, William Van Hefner 
> <vantek at humboldtonline.com <mailto: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 <mailto: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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-- 
*Dave Thewlis, DCTA Inc.*
+1 707 840 9391 (voice) · +1 707 498 2238 (mobile)
http://www.dcta.com · dthewlis at dcta.com <mailto:dthewlis at dcta.com>
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