Elk Grove Promenade Begs Lenders, 'Give Us More Time!'
General Growth Properties (GGP), the Chicago-based real estate developer who is responsible for the unfinished Elk Grove Promenade is, in ...
https://www.elkgrovenews.net/2009/03/elk-grove-promenade-begs-lenders-give.html
General Growth Properties (GGP), the Chicago-based real estate developer who is responsible for the unfinished Elk Grove Promenade is, in the words of one source 'running on fumes,' has seen it debt status lowered to RD, Restricted Default status.
As it has in the recent past, GGP is pleading with bondholders to hold off calling in debt payments until the end of 2009. GGP hopes to restructure it's multi-billion dollar debt and stave of a bankruptcy proceeding.
As part of it's effort of avoid bankruptcy, GPP has been attempting to sell off certain assets, has laid off employees and stopped construction on a number of projects, including the Elk Grove Promenade.
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It is time to dismantle the mall that couldn't ...... give a shovel to the lent's actually a hit on the head!
Come on Bob and Lisa bail them out....pretty please.
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