General Growth Files Biggest Real Estate Bankruptcy in U.S. - Bloomberg.com: "April 16 (Bloomberg) -- General Growth Properties Inc. filed the biggest real estate bankruptcy in U.S. history after amassing $27 billion in debt during an acquisition spree that turned it into the second-largest shopping mall owner.
The owner of Boston’s Faneuil Hall and the South Street Seaport in New York City ended a seven-month effort today to rework its financing. The company listed $29.5 billion in assets and debts of about $27.3 billion in the Chapter 11 filing. General Growth will continue operating its more than 200 properties."
-----------------
The predicted collapse of the commercial real estate market seems to be underway.
No comments:
Post a Comment