Fidelity could lose big if Shopping Mall Giant General Growth falls

Crain's Chicago Business reports:

If General Growth Properties Inc. collapses under its heavy debt load, no outside investor stands to lose more than Fidelity Investments.

The giant Boston-based mutual fund manager now faces the prospect of seeing that investment completely wiped out as Chicago-based General Growth ponders a bankruptcy filing and tries to avoid defaulting on $900 million in loans that come due Friday.

Affiliates of Fidelity own a 13.8% stake in General Growth, more than any other investor besides the founding Bucksbaum family, which controls 24% of the shopping mall owner’s common shares.