Results tagged “debt”

Back in November we mentioned that General Growth Properties, the owners of several Washington malls including Westlake Center, had hired legal help to deal with mounting bills. Another deadline passed on March 16--GGP was trying to persuade creditors holding $2.25 billion of its unsecured notes wait for payment until the end of 2009--and now hedge fund investor William Ackman is pushing for a seat on the board of GGP, and predicting that bankruptcy is the only way to go. What that means for Westlake and GGP's other Washington properties is anyone's guess, as the real estate market is not exactly hopping.

The important thing is that the big green T will stay by I-5 for your viewing pleasure. And your local Tully's shouldn't be closing. What's happened is that Tully's has sold its brand, wholesale business, and supply chain to Vermont's Green Mountain Coffee Roasters for about $40 million. They're keeping the retail side (and international biz). Tully's needed cash, since their IPO plans foundered back in February on the shoals of our current recession. The sale will pay off $8.6 million in debt, which was otherwise probably not going anywhere--Tully's has recorded a profit just once in its history.