As many of you know, General Growth Properties (GGP) filed for bankruptcy protection. GGP owns West Roads Mall in Omaha and Jordon Creek Town Center mall in Des Moines among others.
The basic reason that GGP had to file bankruptcy is that is was having a hard time refinancing a lot of the debt that it had come up for maturity. The most suppressing thing about this is some of the properties such as Jordon Creek had a debt coverage ratio of 2.45. You know it’s hard to borrow money when business have this kind of cash flow.
