Mulling Alternatives
Oct 1, 2008 12:00 PM
General Growth Properties, the owner of the second-largest portfolio of regional malls in the U.S., said in late September that it is pursuing “strategic alternatives.” The company has well-publicized debt issues. In negotiations with lenders, it now is offering up to 50 percent recourse. As of press time, shares of the company were well below 52-week and all-time highs. Is a sale of the company possible in the current environment? It seems like a tall order. Analysts think a more likely scenario is that the firm sells some assets to firm up its balance sheet.
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