Parent company of downtown Phoenix’s Arizona Center faces financial troubles

[Source: Jahna Berry, Arizona Republic] — Arizona Center is enjoying tourist season crowds, but the downtown Phoenix mall’s parent company faces financial troubles, according to this report from Arizona Republic business writer Max Jarman.  “General Growth Properties, owner of the Arizona Center in downtown Phoenix, Tucson Mall, and a string of other retail properties in Arizona is negotiating with creditors to avoid bankruptcy,” Jarman wrote.

“The troubled Chicago mall owner is asking its bondholders to abstain from demanding payments on some $2.25 billion in loans for rest of this year,” Jarman reported. “The company would use the breathing room to restructure its balance sheet and raise money by selling assets. General Growth needs its bondholders to agree to the deal by March 16,” he wrote.  [Note: To read the full article, click here.]

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