Developer of Two City Mega-Projects Hires Bankruptcy Attorney

General Growth, the Chicago-based developer aiming to redevelop the South Street Seaport and to build a 1.7 million-square-foot entertainment and housing complex in East Harlem, has hired a bankruptcy attorney, according to today's Wall Street Journal.

While the move does not necessarily mean the mall developer plans to declare bankruptcy, it is yet another reflection of its shaky finances. General Growth is struggling to service a staggering $27 billion in debt accrued during a recent acquisition spree.  read more »

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