I just picked this up, a little late, off the Houston Chronicle’s Inside the Bay Area blog:
Are you wondering what the recent Chapter 11 filing by General Growth Properties Inc., –which owns Baybrook Mall,means to you?
Well, I shop there myself and have a daughter employed at one of their stores, so I care, too.
So, it was good to know there’s no reason to panic.
Lesley Cheers, corporate communications director for the company, issued this statement in an e-mail to me:
Our core business operations remain sound, stable, and profitable. Our operational model is not flawed and our properties are desirable and performing well — these are not the reasons we commenced these chapter 11 cases. Rather, it was the unprecedented disruption in the real estate finance markets and the need to refinance or extend maturing debt.
Good news, sort of.