GGP’s filing in New York listed assets of $29.5 billion and debts of about $27.3 billion.
Pershing principal William Ackerman (middle right photo) has previously stated his firm is taking a 25 percent ownership stake in the shopping center company. That would make Pershing the third largest shareholder in General Growth Properties.
The Chapter 11 filing lists Eurohypo AG of Eschborn, Germany, a unit of Commerzbank AG, as GGP’s largest unsecured creditor with claims on two loans totaling $2.59 billion.
Eurohypo is the administrative agent for 175 separate creditors. Only 10 percent of the loans are held by Eurohypo. Note holders of General Growth Properties bonds are owed a total $4 billion.
“While we have worked tirelessly in the past several months to address our maturing debts, the collapse of the credit markets has made it impossible for us to refinance maturing debt outside of chapter 11.”
“The Company intends to pay all providers of goods and services delivered post-petition.”
General Growth Properties’ portfolio totals about 200 million square feet of retail space and includes over 24,000 stores nationwide.