Daily
9 hours ago
Tuesday, November 11, 2008
GGP Now Using the “B” Word
According to this article by Alby Gallun in yesterdays Chicago Real Estate Daily, General Growth Properties is now openly suggesting for the first time that it may have to seek bankruptcy protection. In a quarterly report filed after the markets closed yesterday, GGP reported that “Our potential inability to address our 2008 and 2009 debt maturities in a satisfactory fashion raises substantial doubts about our ability to continue as a going concern,”
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2 comments:
What happended to the Billions in profits that Evan Coren and others kept talking about? When did the potential for Billions turn into the potential for bankruptcy?
Not being an attorney, I have to believe that there are ulterior motives for a megacompany filing bankruptcy other than cash flow. I don't know about GGP, but let's look at General Motors and Ford.
If Pilosi and Obama don't get them included in the "Bailout" bill, I don't think that we will see them go out of business. Instead we will see the unions' contract wins over the year of free medical care and retirement benefits suffer in restructuring under court order. No wonder the unions gave millions to Obama in his campaign. Perhaps they guessed that the auto industry was about to collapse along with the economy. Regardless, this country is not going to allow the auto industry to lay off 2 million workers. It would be a terrible way to start the first 100 days as a new President.
Perhaps GGP wants to be rescued as well. How much did they give to Obama?
It's all about money isn't it?
HH
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