Chicago-based General Growth Properties will be in bankruptcy court today. The mall owner wants more time to come up with a reorganization plan.
The country’s two largest mall owners will duke it out in bankruptcy court today.
General Growth is the nation’s second largest real estate investment trust with more than 200 shopping centers in its portfolio. The company entered bankruptcy in April of last year after it was crippled by its debt. General Growth wants another six months to come up with a reorganization plan.
But its biggest competitor, Simon Malls, wants in on the action. Simon has offered $10 billion for General Growth and wants the bankruptcy judge to deny the extension. Simon Malls calls General Growth’s current plan a, “complex piece of financial engineering that is so highly conditional as to be illusory.”