Aug. 19, 2010 at 5:09 p.m.
Filed under:
Retail
By Reuters
A hearing on a plan that will enable General Growth Properties Inc. to emerge from the largest real estate bankruptcy in U.S. history has been scheduled for October 21, after a judge approved the proposal that will be sent out to shareholders.
U.S. Bankruptcy Court Judge Allan Gropper approved on Thursday the statement outlining the plan and set October 7 as the voting date for shareholders and others who will not get all their investment back.
The case is unique in bankruptcy proceedings because shareholders will receive money, and because bondholders and other creditors will be repaid in full and therefore cannot vote on the restructuring plan. Get the full story »
Aug. 18, 2010 at 2:12 p.m.
Filed under:
Bankruptcy,
Commercial real estate,
Real estate
By Associated Press
General Growth Properties Inc. says asset manager Blackstone Group has agreed to invest about $500 million for shares in the shopping mall operator once it emerges from Chapter 11 bankruptcy protection.
General Growth disclosed the agreement in a regulatory filing on Wednesday detailing the company’s latest plan to exit bankruptcy. Get the full story »
From Bloomberg
The Securities and Exchange Commission has started a formal probe of possible insider trading by current and former officers and directors of mall owner General Growth Properties Inc.
General Growth, which has operated under bankruptcy protection since April 2009 and plans to exit later this year, disclosed the probe in its bankruptcy case Tuesday and in its quarterly report filed with the SEC last week. Get the full story »
By Reuters
Water Tower Place in Chicago, one of General Growth's malls. General Growth filed for Chapter 11 protection from creditors in April 2009. (Alex Garcia/Chicago Tribune)
The former shareholders of Hughes Corp. Wednesday filed an objection to General Growth Properties Inc’s plan to emerge from bankruptcy, saying it does not explain how they would be paid.
The Official Committee of Unsecured Creditors also filed an objection to the proposed disclosure statement, which details the plan.
Under the plan, the group known as the Hughes heirs can be repaid in stock of reorganized mall owner General Growth, or in cash, the Hughes heirs said in court documents filed in U.S Bankruptcy Court in Manhattan. Get the full story »
Aug. 11, 2010 at 7:39 a.m.
Filed under:
Earnings,
Retail
By Reuters
Macy’s Inc. reported better-than-expected earnings as its exclusive lines helped it win market share and its upscale Bloomingdale’s chain benefited from a pickup in luxury spending. The retailer raised its full year sales and profit forecast, sending shares were up 1.5 percent in premarket trading. Get the full story »
Aug. 10, 2010 at 9:54 a.m.
Filed under:
Retail
By Associated Press
Retail property owner Simon Property Group Inc. said its majority-owned partnership subsidiary, Simon Property Group, LP will sell $900 million of its senior unsecured notes in an underwritten public offering. Get the full story »
Aug. 10, 2010 at 5:26 a.m.
Filed under:
Bankruptcy,
Earnings,
Real estate,
Retail
By Reuters
General Growth Properties Inc., the No. 2 U.S. mall owner, said Monday that second-quarter funds from operations rose, citing greater leasing activity and higher sales at its malls. Get the full story »
July 13, 2010 at 5:40 a.m.
Filed under:
Bankruptcy,
Commercial real estate,
Retail
By Reuters
General Growth's Water Tower Place mall in Chicago. (Nancy Stone/Chicago Tribune)
The second largest U.S. mall owner said it has successfully restructured about $15 billion in project-level debt which will allow it to satisfy its debt and other claims in full and implement a recapitalization with $7 billion to $8 billion of new capital.
After emerging out of Chapter 11 protection, General Growth will split itself into two separate publicly traded companies and current shareholders will receive common stock in both companies. Get the full story »
July 12, 2010 at 5:59 a.m.
Filed under:
Bankruptcy,
M&A,
Retail
By Reuters
Jones Lang LaSalle Inc. a real estate services company, said Monday it expanded its retail arm by acquiring third-party mall and shopping center leasing and management responsibilities from No. 2 U.S. mall owner General Growth Properties Inc.
Terms of the deal, which closed on Friday, were not disclosed. General Growth, which filed for bankruptcy protection in April 2009, will continue to manage and lease the nearly 200 malls it owns. Get the full story »
From Crain’s Chicago Business | The court-appointed receiver for the upstart mall at Block 37 has filed a lawsuit to evict two big tenants — Bigsby and Kuruthers and a food court-like restaurant planned by Lettuce Entertain You — both part of joint ventures with Block 37’s previous developer, Joseph Freed & Associates.
June 29, 2010 at 9:49 p.m.
Filed under:
Bankruptcy,
Commercial real estate,
Retail
By Tribune staff report
Chicago-based mall operator General Growth Properties Inc. said it expects to file its Chapter 11 reorganization plan on or around July 9.
The company today also asked the U.S. Bankruptcy Court in New York to extend its exclusive right to file a plan until Oct. 18. It is currently set to expire July 15. General Growth said it requested the extensions to allow it to “explore all financing emergence options available to it.”
June 24, 2010 at 9:45 a.m.
Filed under:
Consumer news,
Economy,
Retail
By Sandra M. Jones
Retail sales in the Chicago area inched up slightly in the first quarter, marking the first year-over-year improvement since 2007, but also signaling that the region has a long way to go to recover from the economic downturn.
According to a report to be released today, the six-county metropolitan Chicago area generated $21.29 billion in sales for the first three months of 2010, up $43.5 million, or 0.20 percent, from the same period a year ago, according to the report from Melaniphy & Associates Inc. The city of Chicago had $4.76 billion in sales, an increase of $12.4 million, or 0.26 percent.
The report concludes that while consumers are loosening their grips on their wallets, retail sales fell so dramatically during the recession that the region has yet to make up the lost ground. Get the full story »
June 3, 2010 at 2:56 p.m.
Filed under:
Retail
From Bloomberg | Chicago-based mall operator General Growth Properties said Thursday that i has identified 13 “underperforming” retail properties that may be turned over to lenders after the company emerges from bankruptcy. The company has until two days after it exits bankruptcy to decide whether the properties should be deeded to lenders or the loans should be modified.
Get the full story: businessweek.com.
March 29, 2010 at 4:59 p.m.
Filed under:
Bankruptcy
Bankrupt mall operator General Growth has named Ventas Inc. CEO Debra A. Cafaro as a director. In a press release, General Growth CEO Adam Metz praised Ventas’ skills, saying that she has “critical knowledge of the issues GGP is facing as we continue to position GGP for emergence from bankruptcy.”
Read the full press release here.
March 26, 2010 at 11:45 a.m.
Filed under:
Bankruptcy
From BusinessWeek | A lawyer for bankrupt mall owner General Growth Properties said that the company will submit a proposal next week that might finance the reorganization of its holding company.
Get the full story: businessweek.com.
