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.