Columbiana Centere’s parent company General Growth Properties issued the following statement today regarding their filing for Chapter 11 bankruptcy protection:
General Growth Properties, Inc. voluntarily sought relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.
In addition, approximately 158 regional shopping centers owned by GGP and certain other GGP subsidiaries have also filed for protection.
Certain subsidiaries, including GGP's third party management business conducted by General Growth Management, Inc. and GGP's joint ventures have not filed for protection.
A complete list of subsidiaries and the related operating properties that have filed voluntary petitions can be found at www.ggp.com, as well as a list of operating properties not involved in the filings.
GGP has sought bankruptcy court assistance to restructure our finances and de-leverage our balance sheet because the collapse of the credit markets has made it impossible for GGP to refinance our maturing debt outside of chapter 11.
GGP's retail centers, office properties and master planned communities will be open for business as usual as the company restructures our debt.
Our properties will continue to operate, our employees will continue to come to work and get paid, and shoppers will continue to shop.
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