General Growth dodges default date for now

Elk Grove Promenade developer given two week extension on overdue loan General Growth Properties (GGP) has been given a two-week e...




Elk Grove Promenade developer given two week extension on overdue loan


General Growth Properties (GGP) has been given a two-week extension on a $900 million loans that was due Nov. 28.

Chicago-based GGP is the developer of the Elk Grove Promenade mall. Construction of the mall on the city's south side was halted in July.

The loans are on two of the company's Las Vegas properties - Fashion Show mall and Shoppes at the Palazzo. The company is trying to sell the two properties along with one other in Las Vegas to raise cash.

GGP also has another $1.035 billion due by year's end and $3.07 billion due next year. Furthermore GGP has a total of $21.9 billion due by 2012.

Listen to a story on GGP's problem from NPR's Marketplace business show.

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