General Growth Properties Inc., the nation’s second-largest mall owner, has filed for Chapter 11 bankruptcy protection in New York.
GGP, owner of more than 200 malls, including Fashion Show in Las Vegas and Faneuil Hall Marketplace in Boston, declared bankruptcy Thursday in the biggest real estate failure in U।S. history.
General Growth also announced that it has lined up $375 million worth of debtor-in-possession financing from Pershing Square Capital Management LP। The company would need court approval to access this facility.
All day-to-day operations at the company’s shopping centers, including paying employees, insurance and other expenses, are expected to continue as usual.
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