-
$958 million in debt
In an SEC filing, General Growth Properties Inc. reports it has $958 million in debt due for renewal at the end of the month. (The figure includes $900 million in mortgage loans for two properties in Las Vegas and $58 million of debt it inherited from Rouse Co. when it acquired the Maryland-based developer in 2004. Additionally, General Growth Properties has another $3.07 billion in debt in 2009.) -
Bankrupcy warning
General Growth warns it may file for bankruptcy protection if it can%u2019t refinance its debt. -
Removed from S&P 500
Standard and Poor%u2019s removes General Growth Properties from the S&P 500 index. -
Bankrupcy firm on retainer
The company hires Chicago firm Sidley Austin LLP as bankruptcy counsel. -
Two-week extension
General Growth Properties receives a two-week extension on its loans. -
Fitch downgrade
Fitch Ratings Co. downgrades General Growth, expecting the company to default on its loans. -
Retires $58 million in debt
The company, still looking for an extension on the $900 million Las Vegas mortgages, borrows $896 million to retire the $58 million bond issued by Rouse and refinance $814 in mortgages due in 2009. -
Devestating '08 decline
Shares of General Growth close at $1.29, down nearly 97 percent from $38.78 at the start of the year. -
Another extension request
General Growth Properties requests deadline extensions on a $2.6 billion credit line and a $900 million mortgage on two Las Vegas malls, from Jan. 30 and Feb. 12, respectively, to March 15. -
Lenders agree
After the market closed, General Growth announces it has reached an agreement with lenders to extend its debt deadlines to March 15. -
Positive market reaction
General Growth shares surge about 30 percent, to 85 cents, on loan extension news.