Projo Biz Blog

PROVIDENCE, RI -- Providence Place mall generated $11.4 million in gross revenue during the first three months of 2009, keeping the downtown shopping center on pace with its income in 2008, according to federal court documents.

The revenue figures are included in the voluminous filings General Growth Properties Inc. (GGP:NYSE), the mall's owner, has made in its federal bankruptcy case. General Growth, which owns more than 200 malls, filed for Chapter 11 bankruptcy protection in April.

The mall company put Providence Place, and a small number of other properties, up for sale in 2008 as it sought to dig itself out of debt. Filings with the U.S. Bankruptcy Court in New York indicate General Growth had $29.6 billion in assets and $27 billion in debt at the time it declared bankruptcy.

New York-based Metropolitan Life Insurance Co. is trying to wrest Providence Place out of the bankruptcy case, arguing the downtown shopping center is profitable. Providence Place generated annual gross revenue of $46.1 million in 2007 and $43.9 million in 2008, according to federal filings. The mall generated $9.9 million in free cash in 2008, after subtracting the roughly $25 million in total payments due on two loans on the property.

 Tags  bankruptcy Providence Place Providence RI

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