Suck. On. This.
General Growth Properties, the second largest mall owner in the U.S. behind Simon Property, has hired bankruptcy counsel …
From the WSJ: Mall Owner Lines Up Bankruptcy Law Firm (hat tip crispy&cole)
Debt-laden mall giant General Growth Properties Inc. has hired the law firm Sidley Austin as bankruptcy counsel … The move doesn’t mean a Chapter 11 filing is imminent.
The company, which owns more than 200 U.S. malls, has struggled to repay debt it amassed during an acquisition binge near the market’s peak.
Tommy Friedman, you see, is married to one of the heirs to the GGP fortune.
Give it another six months Tom. Maybe things will get better.