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Bankruptcy Possible at Feldman

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Presenting a bleak outlook for its future, financially troubled Feldman Mall Properties Inc. of Great Neck said in a federal filing it may be forced to close its doors by the end of this year.

The real-estate investment trust, hammered by the downturn in the housing market, weak retail sales at malls, and the credit crunch, said in a filing with the Securities and Exchange Commission Friday that prospects for remaining in business are dim.

Feldman said as of June 30, it had only $7,500 in cash on hand "and no availability under our in place financing arrangements" to obtain more cash.

Additionally, Feldman said, it does not believe it will be able to be profitable this year or even next year.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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