The Associated Press
The Associated Press
NEW YORK – A group of lenders accused shopping mall operator General Growth Properties of including eight properties in its bankruptcy filing that do not need court protection.
The shopping centers, including Tucson Mall, are financially stable and do not need to be rehabilitated through a Chapter 11 reorganization, according to a filing Monday by ING Clarion Capital Loan Services LLC, a loan administrator.
The creditors claimed General Growth had “swept” the properties into bankruptcy to benefit from their slightly better financial condition.
General Growth filed for protection from creditors last month in the largest U.S. real estate bankruptcy case in history. The Chicago-based real estate investment trust has $27 billion in debts.
The malls in question are in San Francisco, Bakersfield, and Visalia, Calif.; Jacksonville, Fla.; Lancaster, Pa; Tucson; Bartlesville, Okla.; and Murray, Utah.