Owner of Augusta Mall asks for more time

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Owner of Augusta Mall asks for more time

Story Published: Dec 15, 2008 at 9:59 PM EDT

Story Updated: Dec 15, 2008 at 9:59 PM EDT

CHICAGO (DOW JONES NEWSWIRES) - The company that owns the Augusta Mall is asking its creditors for more time as it tries to avoid bankruptcy

General Growth Properties is negotiating with seven lenders to extend a deadline on repaying $900 million in mortgages.

GGP has taken on a estimated debt load of $27 billion, on the more than 200 regional malls it owns or manages.

(Copyright (c) 2008 Dow Jones & Company, Inc.)

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