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General Growth Properties goes belly up

General Growth Properties, the 2nd largest developer of shopping malls in the United States filed for Chapter 11 Bankruptcy protection in the New York courts Friday. The Chicago-based developer owns and operates 158 shopping malls throughout the nation including Boston’s famed Faneuil Hall and New York’s South Street Seaport, which GGP recently purchased from the Rouse Corporation and was in the process of redeveloping GGP’s stock plummeted from $42 in 2008 to a current value of three cents. With $27 billion of current debt, it is the largest bankruptcy filing in the history of American real estate.

IN BRIEF
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