General Growth Properties considering additional property sales to shore up debt
General Growth Properties Inc., owner of Harborplace and the Gallery in downtown Baltimore, said Monday it is considering a range of options — including selling off some of its holdings — to boost the value of its stock price and refinance its debt.
General Growth (NYSE: GGP) also said it is developing “a comprehensive, strategic plan to generate capital,” which could include a range of options. Those include “a corporate level capital infusion” or the sale of its equity and joint venture stakes in other development projects.
The company, which is planning a massive redevelopment of Columbia Town Center in Howard County, is facing $19 billion in debt through 2011, according to Securities and Exchange Commission data and published reports.
In the past year, the company’s stock price has lost more than half its value, falling from $52.80 on Sept guaranteed cash advance loan. 19, 2007 to $21.42 at the close of business Sept. 19.
Filed under: term by Finance Boss