More Videos
- Unemployment Rate Hinges On Much More Than Hiring
- Jobs Growth Raises Questions About Economy and Fed
- Jobs Report Spurs Market Rally—But Is the Worst Over?
- Art Cashin: 'People Have Started Hiring'
- Mitt Romney Expected to Easily Win Nevada: Poll
- Big Political Donors — and What They Want
- Could Eli Manning Be a Better Endorser Than Tom Brady?
- 10 High-Priced Super Bowl Rings
- Super Bowl XLVI: It's All About the Second Screen
MOST SHARED
- Santelli: Here's What's Wrong With the Jobs Number
- Dow Rallies to Pre-Recession Levels: McDonald's Leads Since May 2008
- Micron Technology CEO Dies in Plane Crash
- The 'Fragile Consumer' Is Feeling Better: Clorox CEO
- The Week Ahead: Slew of Economic Data
- Lightning Round: Kraft Foods, SunOpta, NVIDIA and More
- What Cramer's Watching Next Week
- Bill Gurley Bullish On Facebook, Social Media Firms
- How to Play Facebook Before the IPO
- Weyerhaeuser CEO on Earnings
MOST POPULAR
HOT ON FACEBOOK
Mall Operator Shares Plunge on Viability Concerns
Text Size 
Shares of General Growth Properties fell 73 percent on Tuesday after the second-largest U.S. mall owner expressed doubts that it could continue operating due to its looming near-term debt.
The Chicago-based retail property company has $1.13 billion in debt coming due, including $900 million in secured mortgage debt on the two of its Las Vegas shopping centers due on November 28 and $58 million of corporate debt due on December 1. It also faces another $3.07 billion due next year, the company said on Monday in a filing with the U.S. Securities and Exchange Commission.
"In the event that we are unable to extend or refinance our debt or obtain additional capital on a timely basis and on acceptable terms, we will be required to take further steps to acquire the funds necessary to satisfy our short term cash needs, including seeking legal protection from our creditors," the real estate investment trust said in the filing.
"Our potential inability to address our 2008 or 2009 debt maturities in a satisfactory fashion raises substantial doubts as to our ability to continue as a going concern."
Shares of General Growth Properties [SKUL
Loading...
()
] were down $1 at 37 cents in early morning trading on the New York Stock Exchange. About a year ago, the stock sold for as high as $51.24.
- Beyond stocks and bonds.
- Next year, Facebooks’ Mark Zuckerberg will get paid just one dollar in salary. Will he ever pay taxes again?
- Here's who owns the most. Foreign countries listed include private and public investors, according to monthly US Treasury data.
- Even before Bryan Batt hit it big on ‘Mad Men,’ he developed a second career in retail.
- The town of Hoboken says no to a spin-off of “Jersey Shore” after a debate among local business owners.
- It’s hard to top these.
Data is a real-time snapshot *Data is delayed at least 15 minutes
