Elk Grove Promenade Developer Accused Of 'Bad Faith' In Bankruptcy Filing

General Growth Properties (GGP), developer of the partially-constructed Elk Grove Promenade, has been accused of acting in 'bad fai...




General Growth Properties (GGP), developer of the partially-constructed Elk Grove Promenade, has been accused of acting in 'bad faith' with regards to its Chapter 11 bankruptcy filing.

Chicago-based GGP is alleged to have included several mall properties in it's filings that were not facing imminent financial problems. According to ING Clarion Capital Loan Services LLC, which services loans on behalf of lenders, nine properties had positive cash-flow and had loans balances that were not delinquent.

The properties are in San Francisco, Bakersfield and Visalia, California; Tucson, Arizona; Lancaster, Pennsylvania; Bartlesville, Oklahoma and Jacksonville, Florida.

ING Clarion claims that the nine malls should not have been included in the filing and should be dismissed. The proceedings are in the U.S. Bankruptcy Court, Southern District of New York.

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4 comments

Anonymous said...

Thank you Lisa Lent!!!! Such a beautiful mall... I cannot wait until is opens. Apparently I am got the only one in town talking about you and how you were so instrumental in getting this isore going. You need to fix this and fis this fast... we citizens are begging you to make your wrong a right. Give back your money to the city to help pay off the debt that your mall left behind!

Anonymous said...

Hey Lisa --- how are you going to fix this mess lady

Stincelli said...

We are waiting.... "Shop Elk Grove" is off to a bad start!

Anonymous said...

Lisa clean it up dork!

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