Cottonwood Mall Developer Nearly Bankrupt?
December 12, 2008 - The Salt Lake Tribune- Tribune Staff and News Services
Washington - General Growth Properties Inc., the company redeveloping the demolished Cottonwood Mall in Holladay, and owner of five other Utah malls, is trying to stave off bankruptcy by negotiating an extension on $900 million in debt. The company has no assurance of a deal, but investors appeared optimistic that a bankruptcy filing would be avoided. Shares rose 36 cents, or 25 percent, to close at $1.80 in the regular session. The stock rose another 7 cents after hours. 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. More...