Tuesday, February 24, 2009

General Growth Properties Files Expanded 8-K

Much more information provided in SEC filing than in last night's press release. Also a lot more detail on debt covenant compliance and operating statistics.

Based on the 8K the company is on the verge of breaking most of its leverage and coverage covenants but hasn't done so yet. However with Zales as a top ten tenant, the writing is on the wall.

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