CHICAGO (CBS) ― One of the crown jewels of the Magnificent Mile retail district is in serious financial trouble. The owner of the Water Tower Place might have to file for bankruptcy.
Chicago-based General Growth Properties is struggling under $24 billion debt and is almost worth nothing, the Chicago Sun-Times reported.
Much of the debt was acquired when General Growth bought out competitor Rouse, and the $24 billion figure is estimated to be exactly the value of the malls the company owns, the Sun-Times reported.
The credit crunch is making it more difficult for the company to refinance.
General Growth Properties also owns Northbrook Court and Oakbrook Center.
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