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twitterGeneral Growth stock up on news report
Tuesday, March 31, 2009 | 11:06 a.m.
The stock of General Growth Properties Inc. of Chicago advanced today as investors absorbed mixed news about the company, owner of several Las Vegas shopping malls and developer of the Summerlin planned community.
General Growth, struggling to make interest payments on its staggering debt load of $27 billion, said Monday that holders of one class of bonds totaling $2.25 billion rejected General Growth's request that interest and principal payments be waived for nine months while it shores up its finances.
Despite the rejection, the Wall Street Journal reported, none of the noteholders are pushing General Growth into bankruptcy because of fears that a bankruptcy would drag on for years and wouldn't result in creditors getting paid anytime soon.
General Growth stock rose 12 cents today to 67 cents on the Wall Street Journal report.
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