Monday, March 30, 2009

The Mall Is Flat


NEW YORK (Reuters) - U.S. mall owner General Growth Properties Inc GGP.N, which is struggling to avoid filing for bankruptcy protection, on Monday said a plan to defray payment on five series of bonds failed to secure sufficient bondholder support, sending its stock down as much as 10 percent.

The second largest U.S. mall owner said that after two extensions it still had not garnered enough support from holders of $2.25 billion of bonds of Rouse Cos, the developer General Growth bought in 2004.