Company Debt Crisis
GGP reported in excess of $25 billion in debt (mostly mortgages) as of September 30, 2008. In late November 2008, GGP missed a deadline to repay $900 million in loans backed by two Las Vegas retail properties. This meant that GGP lenders could issue a notice of default, which would make GGP seek protection from its creditors under Chapter 11 bankruptcy.
In December 2008 the Wall Street Journal reported that GGP would seek bankruptcy protection if it could not renegotiate its loans. Its share price had fallen by 97% over the previous six months.
Read more about this topic: General Growth Properties
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