83.9 F
San Fernando
Wednesday, Apr 24, 2024

Struggling General Growth Changes CEO, Plans to Offload Assets

On the heels of suspension of dividend payments and the replacement of the company’s CFO at the beginning of October, Chicago-based REIT General Growth Properties Inc. has shaken up management and announced intentions to market certain Las Vegas properties. All of these efforts are designed to help the company survive billions of dollars in maturing debt coming due at a time when credit markets are frozen, according to an Oct. 22 CPN report. About $1.2 billion in debt will mature in November with another $1.3 billion following in December, according to the company’s second quarter financial report. All told, GGP’s debt totals about $27 billion. For the full story visit www.commercialpropertynews.com/cpn/content_display/finance/reits/e3ia48763163f8b981b83a33474be5dcaa0

Featured Articles

Related Articles