GGP Denies Default, Bankruptcy Rumors

Published January 23, 2008, 2:00 p.m. EST

1 Min Read

General Growth Properties, a Chicago-based real estate investment trust, is denying news reports and blog postings alleging that the REIT may default on its debt obligations or file for bankruptcy. In a news release addressing the rumors, the retail REIT said the company "would ordinarily not respond to these types of statements and suggestions," but decided to do so "in light of the current fragile condition of the real estate capital markets." According to GGP, the company's property portfolio has a strong $15 billion equity position over and above the debt associated with it. In addition, various mortgage loans are available to the company if required. GGP also reported that its malls are well occupied, with long-term leases in place. Earlier this year, GGP had issued a release on the financing plans and options for its retail property portfolio. The REIT can be found online at http://www.generalgrowth.com.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Housing

Housing bill sails through Senate, cruising toward passage

The Senate passed a bipartisan housing package, which includes certain community bank provisions, in an 85-5 vote. The House is set to vote on the package Wednesday.

By Claire Williams
Reporter

6h ago
Artificial Intelligence

AI-mortgage broker Ralo opens, raises $2.9M of capital

Ralo uses artificial intelligence to automate the entire process, saving consumers money by cutting out commissioned loan officers, processors and underwriters.

By Brad Finkelstein
Originations Editor

11h ago
Mortgages

Some want Basel changes for certain non-QM and HLTV loans

Part of the proposal affects the risk weighting for certain "investment properties and other cashflow-dependent" mortgages, according to a new Pennymac report.

By Bonnie Sinnock
Capital Markets Editor

June 22
Obituaries

Former FDIC Chair William Isaac Dies at 82

William Isaac led the Federal Deposit Insurance Corp. through the banking and thrift crises of the 1980s and was a frequent commentator on bank regulation after his time in public service.

By Ebrima Santos Sanneh
Reporter

June 22
Obituaries

Alan Greenspan, former Fed chair who defined an era, dies

The longtime Federal Reserve chair served under four presidents and presided over the deregulatory and pro-market push of the 1990s and early 2000s that set the stage for the 2008 mortgage crisis.

By John Heltman and Kyle Campbell

June 22
Risk

Is private credit a $2 trillion-dollar insurance timebomb?

Life insurers have offloaded long-term policyholder liabilities into offshore reinsurance and captive subsidiaries, raising concerns over state oversight of opaque investment vehicles and whether insurers have adequately funded claims.

By Kate Berry
Reporter

June 22

Load More