Second-Largest Mall Owner To Default on Loans Friday, December 12th

In a sign of the times, the second-largest mall owner in America – General Growth Properties – will probably file for bankruptcy on Friday, December 12th. Here’s a timeline:

Fitch’s believes that General Growth will probably negotiate a deal with its creditors and restructure the debt. However, Fitch’s would consider that an event of default, even if General Growth avoids bankruptcy tomorrow.

Update: General Growth’s creditors refinanced the $900 million. However, General Growth still has major problems.

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