Owner of Faneuil Hall and Natick Collection on Verge of Bankruptcy

General Growth Properties, Inc owns shopping malls across the United States. Several Massachusetts malls are in the company’s portfolio. But the rotten economy could take GGP down with it.

As has often been heard over the past few weeks during the credit crisis, the bosses at GGP are having a tough time securing the loans they need to cover payments on their billions-of-dollars worth of debt.

The Associated Press reports:

The real estate investment trust, which is the nation’s second-largest mall owner whose big-name holdings include Chicago’s Water Tower Place and Fashion Show in Las Vegas, also disclosed in a regulatory filing late Monday that it may default on certain debt obligations. Among its properties in New England are the Faneuil Hall Marketplace and Natick Collection in the Boston area and Providence Place in Rhode Island.

Making matters worse is another $3.07 billion in property and corporate debt slated to come due next year.

According to GGP, the company owns Faneuil Hall Marketplace in Boston, the Natick Collection in Natick and the Silver City Galleria in Taunton.

*Photo under Creative Commons license. From Nodame on Flickr.

Read More. . .Associated Press (via Boston Globe)