Mall Owner Files For Chapter 11

by Gabe Bullard on April 16, 2009

The company that owns the Oxmoor Center and Mall St. Matthews in Louisville is seeking Chapter 11 bankruptcy.

General Growth Properties is the country’s second largest shopping mall owner. Last fall, company officials warned that bankruptcy could be in GGP’s future, and last month the company ended talks with some of its bondholders. The company was seeking a reprieve on payments.

The Chapter 11 filing will allow the company to restructure its debt. Calls to GGP were not immediately returned, but a statement on the company’s website says employees will not be laid off and business at the company’s more than 200 malls will not change.

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