Florida malls not in General Growth bankruptcy
More details are slowly emerging about the extent of the voluntary bankruptcy announced this morning by Chicago's General Growth Properties Inc., owner of some of the nation's most prominent malls. It is the biggest real estate bankruptcy in U.S. history.
The company had about $29.6 billion in assets and more than $27 billion in liabilities as of Dec. 31, according to documents filed with the U.S. Bankruptcy Court in Manhattan.
The company noted in conference calls today that some subsidiaries, including its third-party management business -- which includes Tampa's University Mall on Fowler Avenue, among others -- and joint ventures, were notpart of the bankruptcy petition. General Growth has a stake in more than 200 malls across 44 states. But it included only 158 of those shopping centers in the bankruptcy filing. Many other 15 General Growth-operated malls in Florida are not part of the bankruptcy proceeding, the company confirmed.
-- Robert Trigaux, Times Business Columnist