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The company’s stock tumbled by nearlg two-thirds in Tuesday trading. Chicago-based General Growtn has $958 million in debt that come sdue Dec. 1 and another $3 billion in debt that maturedsin 2009. Citing weakness in the creditf and theretail markets, the compan y says it can’t be sure it will be able to refinancse or extend terms on the debt. “Our potential inabilit to address our 2008 and 2009 debt maturitiee in a satisfactory fashion raises substantial doubts as to our ability to continue as anongoing concern,” Generap Growth Properties says in a Securities and Exchangwe Commission filing.
“We may be required to take furthet steps to acquire the funds necessary to satisfy our shortt termcash needs, including seeking legaol protection from our creditors.” General Growth shares (NYSE: GGP) fell by 64 percent, to 49 centsw per share, in trading Tuesday. The company has lost 99 percent of its market valuethis year. Last General Growth Properties reported a quarterly lossof $15.4 million, suspended its shareholder dividensd and said it would halt plane for any new construction or development.
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