Retail real estate investment trust General Growth Properties opted last week to pay its employees ahead of schedule, according to a well-placed banker, stirring up speculation that GGP may be acting in anticipation of a bankruptcy filing. The news combined with today’s announcement of GGP’s failed bondholder consent solicitation is sending a clear signal that a bankruptcy is possible, added a trader.
The REIT itself is neither confirming or denying the report. “[GGP] has decided not to respond to speculation or rumor about internal personnel matters,” a company spokesman said.
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