Mall Owner Hits Tough Times

The owner of the Shoppes at Buckland Hills in Manchester and the Brass Mill Center in Waterbury has fallen on tough times, but it promises shoppers won't notice anything different as it scrambles to restructure $27 billion in debt.

General Growth Properties Inc., the nation's second-largest mall operator, filed for bankruptcy protection on Thursday in New York court after failing to convince its debt holders to give it more time to refinance its crushing debt.

The Brass Mill Center and 157 other regional shopping centers under its control also filed for bankruptcy protection.


General Growth says it received a financing commitment from Pershing Square Capital Management LP of about $375 million and expects it will be able to continue operating its malls as it reorganizes.

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