It's a rough time to be a shopping center company and, arguably, General Growth Properties (NYSE: GGP) is in the worst shape of the lot. The company faces a whopping $27 billion in maturing debt coming due over the next four years. On Friday, Feb 20, it announced it had defaulted on loans. The Piqqem Sentiment on the company is negative. Shares that traded over $60 per share two years ago are now below 50 cents and are a favorite football of speculators betting that the syndicate of lenders will throw GGP a lifeline rather than eat the bankruptcy costs.
There might be a happy ending to this story, however. The company reports earnings on February 23 and it will certainly be an interesting report -- most likely grim numbers as staggering retailers pass on their shopping plague to the biggest shopping center landlord.
There might be a happy ending to this story, however. The company reports earnings on February 23 and it will certainly be an interesting report -- most likely grim numbers as staggering retailers pass on their shopping plague to the biggest shopping center landlord.
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