General Growth Properties Inc., the second-largest mall owner in the U.S., said it's identified 13 "underperforming" retail properties that may be turned over to lenders after it emerges from bankruptcy.
General Growth has until two days after it exits bankruptcy to decide whether the properties, which serve as collateral on loans, should be deeded to lenders or the loans should be modified, the Chicago company said Thursday in a filing with the Securities and Exchange Commission.
General Growth plans to leave Chapter 11 bankruptcy protection by Sept. 30, its president, Tom Nolan, said last week. General Growth filed the biggest U.S. real estate bankruptcy in April 2009.
