BAD Economy FORCES Louisville St. Matthews and Oxmoor Center Mall Owners To Seek Bankruptcy Protection.
Read more here or excerpts below:
Struggling under a load of debt, the owner of Mall St. Matthews and Oxmoor Center announced this morning that it has filed for bankruptcy protection.
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General Growth Properties, which also owns River Falls Mall in Clarksville, Ind., said day-to-day operations will continue as usual during the case. The Chapter 11 filing in U.S. Bankruptcy Court in New York gives the company temporary relief from some of its debt, and allows it to come up with a plan to restructure.
In a statement, Chicago-based General Growth said it will "continue to explore strategic alternatives and search the markets for available sources of capital" during the bankruptcy process.
"Our shopping centers and other properties will continue to offer the same great visitor experience for which our company is so well known," said Adam Metz, chief executive officer of GGP. "We don't expect any of our visitors to notice any difference in our quality of service to customers. Our tenant retailers, restaurants, movie theaters and everyone at our malls stand ready to serve you just as we have in the past."
Editor's comment: The same General Growth company owns the mall in Bowling Green, Kentucky, as well as hundreds others around the country.
Struggling under a load of debt, the owner of Mall St. Matthews and Oxmoor Center announced this morning that it has filed for bankruptcy protection.
Advertisement
General Growth Properties, which also owns River Falls Mall in Clarksville, Ind., said day-to-day operations will continue as usual during the case. The Chapter 11 filing in U.S. Bankruptcy Court in New York gives the company temporary relief from some of its debt, and allows it to come up with a plan to restructure.
In a statement, Chicago-based General Growth said it will "continue to explore strategic alternatives and search the markets for available sources of capital" during the bankruptcy process.
"Our shopping centers and other properties will continue to offer the same great visitor experience for which our company is so well known," said Adam Metz, chief executive officer of GGP. "We don't expect any of our visitors to notice any difference in our quality of service to customers. Our tenant retailers, restaurants, movie theaters and everyone at our malls stand ready to serve you just as we have in the past."
Editor's comment: The same General Growth company owns the mall in Bowling Green, Kentucky, as well as hundreds others around the country.
Labels: Economic news
posted by KYJurisDoctor at 10:52 AM
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