Credit crunch squeezing General Growth Properties?

Elk Grove Promenade opening date further delayed?

The credit crunch is hitting the 'jewel' of Elk Grove shopping - The Elk Grove Promenade. The malls developer, General Growth Properties (GGP) of Chicago, has seen nearly half of the companies equity wiped out over the last year.

According to published reports, GGP's ability to raise capital to refinance debt might be hurt.

General Growth, the largest U.S. owner of shopping malls after Simon Property Group Inc., is "facing heavy debt maturities" this year and each year through 2013, Moore said in an August research report. The company had been expected to announce the refinancing of more than $1 billion in debt by mid- October, Moore said.

So will this possible inability to refinance debt delay yet again the opening of the Promenade?