Another Store Leaves.. TJ Maxx
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TJ Maxx
The list continues to grow. TJ Maxx will be moving from West Dundee to Randall Road. Their new location will be next to Toys R Us, another store that we lost recently.
General Growth Misses Deadline
AP
General Growth shares fall after missed deadlineTuesday December 16, 9:51 am ET
General Growth shares fall after missing debt repayment deadline, ratings downgrade
WASHINGTON (AP) -- Shares of troubled shopping mall owner General Growth Properties Inc. dropped Tuesday after the company missed a crucial deadline to repay $900 million in debt and saw its debt ratings downgraded further into junk status.
Its stock shed 15 cents, or 8.2 percent, to $1.70 in morning trading.
Credit rating agency Moody's Investors Service on Monday downgraded the debt ratings for Chicago-based General Growth, which said earlier in the day it is still negotiating for an extension on the maturity date mortgage loans for two Las Vegas malls.
After General Growth's announcement, Moody's pushed the debt ratings for General Growth and its subsidiaries further into junk bond status. Both senior secured and senior unsecured debt were downgraded to Ca, two notches above default from Caa2. Moody's said the ratings "remain on review for possible downgrade."
Earlier this month, Chicago-based General Growth received a two-week extension on the loans for two Las Vegas properties, but has yet to receive another extension.
Moody's said the failure to repay the debt "will most likely lead to an imminent acceleration" of debt payments on bonds issued by The Rouse Company, a shopping center owner acquired by General Growth in 2004.
The country's second-largest mall owner is saddled with a huge debt it acquired during the real estate market's boom years when it aggressively bought up assets. Refinancing that debt has proven difficult amid a global credit crunch.
General Growth has a stake in more than 200 shopping malls in 44 states
General Growth shares fall after missed deadlineTuesday December 16, 9:51 am ET
General Growth shares fall after missing debt repayment deadline, ratings downgrade
WASHINGTON (AP) -- Shares of troubled shopping mall owner General Growth Properties Inc. dropped Tuesday after the company missed a crucial deadline to repay $900 million in debt and saw its debt ratings downgraded further into junk status.
Its stock shed 15 cents, or 8.2 percent, to $1.70 in morning trading.
Credit rating agency Moody's Investors Service on Monday downgraded the debt ratings for Chicago-based General Growth, which said earlier in the day it is still negotiating for an extension on the maturity date mortgage loans for two Las Vegas malls.
After General Growth's announcement, Moody's pushed the debt ratings for General Growth and its subsidiaries further into junk bond status. Both senior secured and senior unsecured debt were downgraded to Ca, two notches above default from Caa2. Moody's said the ratings "remain on review for possible downgrade."
Earlier this month, Chicago-based General Growth received a two-week extension on the loans for two Las Vegas properties, but has yet to receive another extension.
Moody's said the failure to repay the debt "will most likely lead to an imminent acceleration" of debt payments on bonds issued by The Rouse Company, a shopping center owner acquired by General Growth in 2004.
The country's second-largest mall owner is saddled with a huge debt it acquired during the real estate market's boom years when it aggressively bought up assets. Refinancing that debt has proven difficult amid a global credit crunch.
General Growth has a stake in more than 200 shopping malls in 44 states
General Growth in Debt Talks
General Growth says still in debt talks
Friday December 12, 10:25 am ET By Alan Zibel, AP Real Estate Writer
General Growth Properties says still in talks to extend $900 million debt repayment deadline
WASHINGTON (AP) -- Troubled mall owner General Growth Properties, trying to stave off bankruptcy, said it is still trying to negotiate an extension on $900 million in debt that is due to be repaid Friday, but warned there can be "no assurance" it will get a reprieve.
Investors, however, appeared optimistic that bankruptcy would be avoided as shares rose 37 cents, or 25 percent, to $1.81 in morning trading.
The mortgages cover two Las Vegas malls, Fashion Show and Palazzo. Earlier this month, Chicago-based General Growth received a two-week extension on the loans.
General Growth Properties Inc. also said in a prepared statement issued that it refinanced a separate $896 million worth of loans, retiring a $58 million bond that matured Thursday and $814 million of debt scheduled to mature next year.
Chicago-based General Growth, the nation's second-largest shopping mall owner, has been hit hard by the credit crunch, as it piled up a staggering debt load during the real estate market's boom years. Analysts are unsure whether new managers, installed in late October, will be able to keep the company afloat as the recession drags on and U.S. retailers struggle. The company last month hired law firm Sidley Austin as an adviser.
General Growth has a stake in more than 200 shopping malls in 44 states. It is trying to sell its Las Vegas locations.
Shares of General Growth have lost 95 percent of their value over the past six months.
Last month, the company reported disappointing third-quarter results and cut its year-end forecast, weeks after the mall owner's board removed its chief executive, president and chief financial officer.
Their ouster came after the company disclosed that former CEO John Bucksbaum's family trust provided $90 million in personal loans to cover margin debt for the former chief financial officer and president.
Friday December 12, 10:25 am ET By Alan Zibel, AP Real Estate Writer
General Growth Properties says still in talks to extend $900 million debt repayment deadline
WASHINGTON (AP) -- Troubled mall owner General Growth Properties, trying to stave off bankruptcy, said it is still trying to negotiate an extension on $900 million in debt that is due to be repaid Friday, but warned there can be "no assurance" it will get a reprieve.
Investors, however, appeared optimistic that bankruptcy would be avoided as shares rose 37 cents, or 25 percent, to $1.81 in morning trading.
The mortgages cover two Las Vegas malls, Fashion Show and Palazzo. Earlier this month, Chicago-based General Growth received a two-week extension on the loans.
General Growth Properties Inc. also said in a prepared statement issued that it refinanced a separate $896 million worth of loans, retiring a $58 million bond that matured Thursday and $814 million of debt scheduled to mature next year.
Chicago-based General Growth, the nation's second-largest shopping mall owner, has been hit hard by the credit crunch, as it piled up a staggering debt load during the real estate market's boom years. Analysts are unsure whether new managers, installed in late October, will be able to keep the company afloat as the recession drags on and U.S. retailers struggle. The company last month hired law firm Sidley Austin as an adviser.
General Growth has a stake in more than 200 shopping malls in 44 states. It is trying to sell its Las Vegas locations.
Shares of General Growth have lost 95 percent of their value over the past six months.
Last month, the company reported disappointing third-quarter results and cut its year-end forecast, weeks after the mall owner's board removed its chief executive, president and chief financial officer.
Their ouster came after the company disclosed that former CEO John Bucksbaum's family trust provided $90 million in personal loans to cover margin debt for the former chief financial officer and president.
General Growth Default Imminent
AP
Fitch says General Growth's default is imminentTuesday December 9, 3:01 pm ET
Fitch cuts ratings on mall owner General Growth Properties, seeing imminent default
NEW YORK (AP) -- Fitch Ratings downgraded General Growth Properties Inc.'s credit ratings Tuesday, saying default may be imminent for the shopping mall owner.
Fitch noted General Growth's recent move to extend the amount of time it has to repay debt, and said it thinks the company may need to restructure its debt to avoid bankruptcy. Fitch considers a distressed debt swap, in which a company exchanges its debt for new bonds at a heavily discounted rate, to essentially be a default.
Fitch also said conditions in real estate debt capital markets are hurting General Growth's ability to raise money to repay about $600 million in 2009 maturing unsecured debt.
As one of the nation's largest shopping mall owners, General Growth has been hit hard by the deteriorating U.S. economy and problems at struggling retailers. It also has taken on massive amounts of debt -- last month in a regulatory filing, General Growth said nearly $3.1 billion worth of debt will come due next year.
Earlier this month, General Growth reached an interim agreement to extend the time it has to pay back $58 million in notes to Thursday, just days after the Chicago-based real estate investment trust got a two-week reprieve to pay off $900 million in mortgages.
Fitch downgraded the issuer default rating to "C," it's lowest junk rating, from "B" for General Growth Properties Inc., GGP Limited Partnership and unit The Rouse Co. Fitch also downgraded the revolving credit facility, term loan and exchangeable senior notes ratings for GGP Limited Partnership to "CC/RR5" from "B-/RR5."
General Growth remains on "negative watch," meaning further downgrades are possible.
Last month, the company reported disappointing third-quarter results and cut its year-end forecast, weeks after the mall owner's board removed its chief executive, president and chief financial officer. Their ouster came after the company disclosed that former CEO John Bucksbaum's family trust provided $90 million in personal loans to cover margin debt for the former CFO and president.
New management has warned that crushing debt combined with the declining economy bring the company's viability into question.
Shares of General Growth rose 3 cents to $1.58 in afternoon trading.
Fitch says General Growth's default is imminentTuesday December 9, 3:01 pm ET
Fitch cuts ratings on mall owner General Growth Properties, seeing imminent default
NEW YORK (AP) -- Fitch Ratings downgraded General Growth Properties Inc.'s credit ratings Tuesday, saying default may be imminent for the shopping mall owner.
Fitch noted General Growth's recent move to extend the amount of time it has to repay debt, and said it thinks the company may need to restructure its debt to avoid bankruptcy. Fitch considers a distressed debt swap, in which a company exchanges its debt for new bonds at a heavily discounted rate, to essentially be a default.
Fitch also said conditions in real estate debt capital markets are hurting General Growth's ability to raise money to repay about $600 million in 2009 maturing unsecured debt.
As one of the nation's largest shopping mall owners, General Growth has been hit hard by the deteriorating U.S. economy and problems at struggling retailers. It also has taken on massive amounts of debt -- last month in a regulatory filing, General Growth said nearly $3.1 billion worth of debt will come due next year.
Earlier this month, General Growth reached an interim agreement to extend the time it has to pay back $58 million in notes to Thursday, just days after the Chicago-based real estate investment trust got a two-week reprieve to pay off $900 million in mortgages.
Fitch downgraded the issuer default rating to "C," it's lowest junk rating, from "B" for General Growth Properties Inc., GGP Limited Partnership and unit The Rouse Co. Fitch also downgraded the revolving credit facility, term loan and exchangeable senior notes ratings for GGP Limited Partnership to "CC/RR5" from "B-/RR5."
General Growth remains on "negative watch," meaning further downgrades are possible.
Last month, the company reported disappointing third-quarter results and cut its year-end forecast, weeks after the mall owner's board removed its chief executive, president and chief financial officer. Their ouster came after the company disclosed that former CEO John Bucksbaum's family trust provided $90 million in personal loans to cover margin debt for the former CFO and president.
New management has warned that crushing debt combined with the declining economy bring the company's viability into question.
Shares of General Growth rose 3 cents to $1.58 in afternoon trading.
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