America's Second Largest Regional Mall Owner moves ahead to meet debt obligations

Crain's Chicago Business reports:

The head of General Growth Properties Inc., the No. 2 owner of U.S. regional malls, said on Thursday the company is working on two financing deals to meet its debt that matures this year and about a third of what is scheduled to mature next year.

General Growth, one of the most heavily leveraged large real estate investment trusts, is working on securing a $1.75-billion term loan. It also is exploring creating a private commercial mortgage-backed securities bond deal.

"We are able to take care of all of our obligations," John Bucksbaum, chairman and chief executive, said while speaking the National Assn. of Real Estate Investment Trusts Investor Forum in New York.