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Washington D.C. Struggling mall owner General Growth Properties Inc. said it is still trying to negotiate an extension on $900 million in debt that is due to be repaid Friday, but warned there can be "no assurance" it will be repaid. The company aims to avoid a bankruptcy filing.
Earlier this month, General Growth received a two-week extension on mortgages it used to finance two Las Vegas malls, Fashion Show and Palazzo.
General Growth also said it refinanced a separate $896 million worth of loans. These funds helped the company retire a $58 million bond that matured Thursday and $814 million of mortgage debt scheduled to mature next year.
The mall owner has been hit hard by the credit crunch, as it piled up a staggering debt load during the real estate market's boom years.
General Growth has a stake in more than 200 shopping malls in 44 states. It is trying to sell its Las Vegas locations.