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Wednesday, November 12, 2008

Is Bankruptcy Near for Maine Mall Parent?

UPDATE: Tonight’s planning board review of a GGP proposal to develop Maine Mall Commons shopping center across from the mall is postponed. The company, facing potential bankruptcy, has halted new development. According to the Planning Board notice, the site plan will be reviewed at its next regularly scheduled meeting.
General Growth Properties, parent company of Maine’s largest shopping center, may seek protection from creditors as it tries to refinance debt, according to media reports.
GGP has close to $1 billion in debt that is due Dec. 1, with another $3 billion maturing in 2009. The Chicago company’s stock fell 70 percent Tuesday in trading.
GGP suspended its shareholder dividend last week and halted plans for new construction and development. General Growth Properties owns 200 shopping centers, including the Maine Mall.

Posted by Linda on 11/12 at 06:29 AM
Categories: Maine Mall  
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Comments

By yournamehere on 2008 11 12

This could be our opportunity as a town to buy the mall!  We could put the high school there, SMCC could have a satellite campus, and we could even have room for a city hall.  Keep a few of the stores that the kids like and the food court of course, and voila a major hub to solve all our problems.  Best Buy would make a heck of gym, and the kids would already know their way around.  No parking problems either.


By sopo_westend on 2008 11 13

GGP is a joke.  Depending on what day of the week it is or which direction the wind is blowing, they will tell you that they are expanding or that they are downsizing.
I miss the days when the Maine Mall was run by Simon Malls.






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Jon G. said ...

Oh Jonathan G., go back to Beach Street and pull the shades. Your idea about the armory is foolish, and the truth is that dogs are owned by many people in

Posted on 2009 01 05
From 'Will Voters Determine Beach Access for Dogs?'.
Vacationers said ...

I spent 10 days in South Portland last summer.  My husband and I rented a house by Willard Beach and it was a fantastic vacation.  In fact, the main

Posted on 2009 01 05
From 'Will Voters Determine Beach Access for Dogs?'.
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