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General Growth CEO: Everything's great and we filed for bankruptcy

Posted Apr 19th 2009 11:10AM by Zac Bissonnette (RSS feed)
Filed under: Housing, Recession

General Growth Properties made history last week with the largest real estate bankruptcy in history, and CEO Tom Nolan appeared on CNBC to explain the move (see video below).

According to Nolan, everything is basically fine. They're able to make their interest payments and tenants aren't leaving. The entire problem is the company's inability to rollover its $27 billion debt load it accumulated acquiring the properties that helped make it the second largest mall operator in the country.

Continue reading General Growth CEO: Everything's great and we filed for bankruptcy

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Last updated: May 27, 2012: 10:11 PM

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