Wednesday, March 11, 2009

Rouse Trying To Buy Time...

...because it can't buy much else.

We're just catching up on this General Growth update. On Monday, the company that owns the mall and so much more in this town asked lenders to its Rouse subsidiary to give it more time to figure out how it might repay $2.25 billion in loans, according to this release.

...the Company has concluded that it is prudent to defer cash interest payments on its unsecured corporate debt obligations for the remainder of 2009 to provide liquidity while attempting to negotiate a consensual restructuring of its balance sheet.

That's fancy talk for "Hey, we don't have the money. Can we work something out?"

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