Source: AZCentral
The high profile Arizona Center mixed-use development in downtown Phoenix filed for Chapter 11 bankruptcy protection Thursday, after its parent’s creditors balked at a debt-restructuring plan.
The Arizona Center, Tucson Mall, Sierra Vista Mall and two other local shopping centers were among 158 properties that filed separately for protection along with parent General Growth Properties Inc. The company owns more than 200 retail properties in 44 states.
In Chapter 11, a company is protected from creditor suits while it develops a plan of financial reorganization that is acceptable to its creditors and the court.
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