Company that owns Augusta Mall dodges bankruptcy -- for now

By: Lynnsey Gardner Email
By: Lynnsey Gardner Email

News 12 First at Five, December 3, 2008

AUGUSTA, Ga.---In another sign of the times, the owners of Augusta Mall facing their own financial crisis to the tune of more than a billion dollars.

And with the threat of bankruptcy looming, it looks like General Growth Properties may have struck a break for now.

It's a debt deadline extension that bought General Growth Properties some time, but not much.

First and foremost, the 58 million dollars the company owed in corporate debt was due Monday, December 1. But, they were given an extension until December 11th.

GGP hope that time will help them come up with a better financing option long term.

News 12 spoke with GGP today, they said they are looking to liquidate some assets including the possible sale of three properties in Las Vegas.

They are also looking for ways to get joint venture partners.

So it looks like for now they've warded off filing for Chapter 11 and while they work to sort it all out, the company says there should not be any impact on Augusta Mall and it should continue operating as normal.

But GGP is not out of the woods, not by a long shot. This past Sunday, they reached another short term agreement for an extension on the 900 million dollars in debt the company owes on mortgage loans.

That 900 million is on top of the 58 million previously mentioned, so GGP
still has a lot to decide in a short amount of time.

Of course, stay with News 12 and we'll keep you posted.


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