Everything's on the table for General Growth Properties

Elk Grove Promenade developer GGP said to consider all properties available for sale to ease crushing debt burden

According to published reports, General Growth Properties (GGP) has confirmed that in an effort to ease a looming credit pinch, the Chicago-based mall developer is considering the sales of any of it's over 200 malls nationwide to provide liquidity. GGP is saddled with over $29 billion in debt.

Separately, the shares of GGP were added to the list of companies that not eligible for "short sales." Short sellers effectively make money by betting that a stock will fall in value.

The placement of this list indicate there was sufficient reason for the Secretary of the Treasury to believe GGP's weakened position would put it at risk for short selling.

All in all, things look plenty bleak for GGP and the near-term future of Elk Grove's grand strip center, The Elk Grove Promenade.

Meanwhile, the price of GGP's stock continues it's steady decline as illustrated by the chart above.

Will any of this matter in the Elk Grove city council election?