Columbia Largely Unaffected by GGP Bankruptcy Filing

General Growth Properties announced today that it has filed for Chapter 11 bankruptcy, voluntarily seeking relief to reduce and restructure its debts. From all accounts all that this means is that GGP is taking the legal opportunity to restructure its loans, reduce corporate debt and establish a long-term capital structure – business as usual will continue and day-to-day operations will not be interrupted.

But, as mentioned in today’s Baltimore Sun article “[Gregg] Hamm said Columbia and other master plan General Growth communities were not included in the filing, except one in Nevada.” The Chapter 11 filing does not include Columbia.

So, that means that the redevelopment plans for Columbia are still on the table…let’s continue to look forward to work together to make it happen!

Other local companies have filed for Chapter 11 and are still functioning every day – companies like the Baltimore Sun and WR Grace. General Growth is not going anywhere and the company is still dedicated to the redevelopment of Columbia.

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2 responses to “Columbia Largely Unaffected by GGP Bankruptcy Filing”

  1. Chris O. says :

    Fortunately that’s the same news for Park View at Emerson, the affordable senior housing community that recently opened in Laurel. GGP was the developer but everything is built and in place with a 99-year ground lease, so there no impact to residents. The financing structure was a big advantage: tax credits from the state, community development block grants from Howard county, and commercial loans from some including SunTrust Bank.

  2. William Witman says :

    If General Growth Properties can “…restructure its loans, reduce corporate debt and establish a long-term capital structure…” than clearly this is good news for job seekers in Columbia. Sounds like a win-win.

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