Business

Simon CEO: General Growth's balance sheet 'scares me'

Posted April 29, 2010 11:00 pm

Bloomberg News

General Growth Properties Inc., the U.S. mall owner trying to emerge from bankruptcy, has secured debt and leveraged assets that make its balance sheet "scary," Chief Executive Officer David Simon of rival Simon Property Group Inc. said today in conference call with investors.

Simon has been reviewing General Growth's finances as it bids to take a stake in the company.

The company filed for Chapter 11 bankruptcy protection last April involving about half its company's 200 malls, including Lincolnshire Commons in Lincolnshire and Spring Hill Mall in West Dundee.

Not part of the filing were other General Growth-owned malls in the Chicago area -- Northbrook Court in Northbrook, Oakbrook Center in Oak Brook, Golf Mill Shopping Center in Niles and Water Tower Place in Chicago.

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