Debt Could Doom South Street Seaport Developer

A debt load of $27 billion could doom General Growth Properties, the mall-making conglomerate that's redeveloping the South Street Seaport and leading the development of a large East Harlem project. According to the Wall Street Journal this morning, General Growth's failure to refinance or to extend $1 billion in debt due this month could throw into "substantial doubt" its ability to continue operations.

Among other debt coming due, General Growth owes by Nov. 28 $900 million on two luxury malls in Las Vegas. It's trying to sell both, plus a third on the Strip. It also has $50 million in bonds coming due by Dec. 1. And it risks being delisted from the New York Stock Exchange because of a consistently low share price.  read more »

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