General Growth Properties Inc. warned Tuesday that it faces solvency trouble and may be forced to file for bankruptcy if it can’t refinance or extend nearly $1 billion in debt due next month.
The nation’s second-largest mall owner, whose holdings include the Glendale Galleria, also disclosed in a regulatory filing that it may default on certain debt obligations.
Making matters worse is an additional $3.07 billion in property and corporate debt slated to come due next year.
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Los Angeles Daily News