General Growth Properties Delays Earnings Release

Will February 12 be GGP's Waterloo?

Troubled mall developer General Growth Properties (GGP) said yesterday that it would delay by two weeks release of it's fourth quarter earnings. Chicago-based GGP is the developer of the Elk Grove Promenade, which saw construction halted last summer.

Debt heavy, GGP is facing billions of dollars in debt and is attempting to sell several of it's high profile properties in an effort to stave off a bankruptcy filing. On February 12, GGP has $900 million coming due on two Las Vegas properties.

Real estate analyst Jim Sullivan of Green Street Advisors speculates that if GGP does not satisfy creditors or gets an extension by February 12, a bankruptcy filing "will become a real possibility"

According to the a report in the Wall Street Journal, the delay adds "more uncertainty about its future viability."

GGP shares closed at 70 cents yesterday in after-hour trading, a 98% decrease from it's 52-week high.