GGP Reportedly Getting Bids for Properties

Bloomberg has the skinny on General Growth potentially selling some of its assets for about $400 million.

General Growth Properties Inc., the mall owner at risk of bankruptcy, received offers of almost $400 million for properties including Boston's Faneuil Hall and New York's South Street Seaport, according to a person familiar with the matter.

General Growth, the No. 2 U.S. shopping-mall owner, put the two properties and Harborplace & the Gallery in Baltimore up for sale in December. More than 10 offers were received, including offers for the entire portfolio and for individual properties, said the person, who asked not to be identified because the sales process isn't public.

General Growth is negotiating with lenders and selling real estate to remain solvent. The company last week said it has $1.18 billion in past-due debt, and warned again it may be forced into bankruptcy. The company has cut its workforce by 20 percent, suspended payment of its cash dividend, and halted or slowed development and redevelopment projects.

Past links and stories:

• Feb. 24, 2009, GGP Posts Gains But Drops Earnings Call and Estimates
• Feb. 20, 2009, GGP Bankruptcy Scenario
• Feb. 18, 2009, GGP Misses Payments
• Feb. 2, 2009, General Growth Gets Another Extension
• Jan. 5, 2009, GGP Switches Bankruptcy Advisors
• Dec. 30, 2008, GGP Signs Forebearance Agreement
• Dec. 19, 2008, GGP Puts Centers on the Block
• Dec. 18, 2008, General Growth Extension Comes Through
• Dec. 15, 2008, GGP "Continuing its Discussions with Lenders"
• Dec. 14, 2008, Breaking: GGP Refinances
• Dec. 5, 2008, Citi Plays Hardball With GGP
• Dec. 3, 2008, Centro, GGP Find Ways to Hang On
• Dec. 1, 2008, GGP Gets Two Week Extension
• Nov. 25, 2008, Ackman Builds Stake in GGP
• Nov. 20, 2008, General Growth Hires Bankruptcy Advisor
• Nov. 17, 2008, General Growth Downgraded; Feldman to Stop Filing Public Reports
• Nov. 12, 2008, General Growth Roundup
• Nov. 11, 2008, General Growth Warns of Default
• Nov. 5, 2008, GGP, Kimco Fall After Cutting Forecasts
• Nov. 2, 2008, General Growth "Almost Literally Worth Nothing"
• Oct. 17, 2008, Management Changes at GGP
• Oct. 15, 2008, Margin Calls Hit Two More Retail REITs
• Oct. 7, 2008, General Growth Near Bankruptcy?
• Oct. 3, 2008, General Growth CFO Steps Down; Company Suspends Dividend
• Oct. 2, 2008 GGP Under Fire for Inclusion on Short-Sell Ban List
• Oct. 1, 2008, Could General Growth Be Sold?
• Sept. 23, 2008, Short Selling Banned on General Growth
• Sept. 22, 2008, General Growth Strikes Back
• Sept. 16, 2008, General Growth Offers More Recourse
• Aug. 12, 2008, Another Look at GGP's Debt
• Aug. 6, 2008, Analysis of GGP's Debt
• July 25, 2008, Stories With Bigger Implications?
• July 14, 2008, GGP Lines Up New Financing
• April 16, 2008, GGP's Growing Debt Problem