Maine Mall owner files Chapter 11
General Growth Properties, the Chicago-based owner of the Maine Mall in South Portland, filed for Chapter 11 bankruptcy today. The company listed $29.5 billion in assets and $27.3 billion in liabilities as of Dec. 31, according to documents filed in U.S. Bankruptcy Court for the southern district of New York.
The company warned last fall that it might have to file for bankruptcy if its lenders didn't rework its debt terms, according to the Portland Press Herald, and negotiations with its creditors fell through late last month. Owner of 200 malls in 44 states, GGP bought the Maine Mall in 2003. The company plans to reorganize to reduce its corporate debt and extend the terms of its mortgage maturities, the paper reported. It also plans to continue operating all of its shopping centers.
In South Portland, GGP recently postponed plans for a new development across from Best Buy on Maine Mall Road. Previously, the company backed down from a plan to build a cinema and four restaurants at the Maine Mall, the Forecaster reported. The company is also seeking a $900,000 rebate from the city on its 2006 tax bill, saying its property was overvalued by about $70 million after a 2006 revaluation.
Most Recent
Most Recent
Comments