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Business Briefing / Real Estate

Louisiana mall is repossessed

March 21, 2009|TIMES WIRE REPORTS

General Growth Properties Inc. lost a Louisiana shopping mall to foreclosure by Citigroup Inc., a sign lenders are less willing to give the real estate investment trust more time to pay its debts.

Chicago-based General Growth missed a March 16 deadline to repay a $95-million Citicorp loan, Citigroup said. General Growth, which has stakes in or manages more than 200 malls in 44 states, has been negotiating with lenders to avoid a bankruptcy filing.

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