Eight additional shopping centers owned by subsidiaries of General Growth Properties Inc. filed for bankruptcy late Wednesday, putting a total of about 164 of the developer’s properties in Chapter 11 protection.
The Chicago company’s bankruptcy last week was the largest ever for a real estate company. Both the company and the subsidiaries registered their insolvency in Manhattan bankruptcy court.
General Growth, which has a portfolio of more than 200 malls, said operations at the centers would continue as usual.
“We filed these additional companies under Chapter 11 as part of our overall plan to restructure our debt,” said Adam Metz, chief executive officer of the firm. “We do not currently contemplate that additional GGP subsidiaries will file for protection, although it is possible that circumstances could change during the restructuring process.”
For complete coverage, see Friday’s WWD.
