General Growth Properties released its fourth quarter earnings report Monday with a warning that it might seek bankruptcy protection. For those of you who don't know, GGP is the second largest owner of malls in the country and owns the mall in Columbia as well as the Harborplace in Baltimore.
[The company, which owns the mall in Columbia is in default on nearly $1.2 billion worth of debt and has slightly more than $2 billion worth of consolidated mortgage debt and unsecured bonds that mature later this year, according to its earnings report. -The Columbia Flier, Feb. 26, 2009]
GGP has dropped its dividend, reduced its staff by 20 percent and put most of its development projects on hold. The company is still trying to sell the Harborplace and other properties.
Meanwhile, behind the white walls of the GGP castle at lakefront, the company and many Columbia residents are working out the details of the new 30 Master Plan for downtown.
I urge all residents with a stake in the future of their city to attend the final public hearing on the plan, March 5 at 6 p.m. The meeting will be held in the Tyson 2 room of the county offices at 8930 Stanford Blvd in Dobbin. This is your last chance to make your voice heard and your opinions known, don't waste it!
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