General Growth Properties Warns of Bankruptcy

Chicago-based General Growth Properties, which operates such malls as Boston’s Natick Collection and Providence Place, Chicago’s Water Tower Place and Las Vegas’ Fashion Show Mall, warned that it faces solvency trouble and might file for bankruptcy if it’s unable to refinance or extend its nearly $1 billion in debt due in December.

The company also disclosed in a regulatory filing that it may default on certain debt obligations. Its shares have been falling since September and, yesterday, dropped 64 percent after the announcement to an all-time low of 33 cents per share before recovering to close at 49 cents per share in New York Stock Market trading.