Are all the malls in Maryland... going bankrupt?

November 11, 10:31 PMBaltimore Fashion ExaminerChristine Epps

The Chicago-based company, which is building a mall in Elk Grove and manages the Palladio at Broadstone in Folsom, said it has about $958 million in debt that is due Dec. 1, with another $3 billion due in 2009. The company warned in its filing with the U.S. Securities and Exchange Commission that efforts to refinance or extend that credit might not succeed.

“In the event that we are unable to extend or refinance our debt or obtain additional capital on a timely basis and on acceptable terms, we will be required to take further steps to acquire the funds necessary to satisfy our short term cash needs, including seeking legal protection from our creditors,” it stated in a filing.

The company pointed to factors such as a weak credit and retail environment, making it hard for the firm to get financing. The company also has had its debt downgraded, reported large quarterly losses and suspended its quarterly shareholder dividend in recent weeks.

General Growth has dozens of malls and high-end properties throughout the U.S.

So it seems safe to say that yes, you too, don't care about the new expansions to Towson Town Center. But hopefully for the small to midsize business owners who do rent space at the mall, the property giant will pull themselves out of financial troubles in the next 20 days.