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| April 16, 2009 |
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Colorado rises to No. 10 in foreclosures
IRVINE, Calif. - Colorado rose to No. 10 on the list of states with the highest foreclosure activity as compiled in March by RealtyTrac, a California-based company that tracks foreclosures across the nation.
According to RealtyTrac's report released today, Colorado moved up after holding the No. 11 spot on the list in January and February. Colorado has hovered in or near the top 10 for the last few years, placing No. 5 on the RealyTrac list at the end of 2008.
For the first quarter of 2009, Colorado was No. 12. Nevada continued to hold the No. 1 position on the list in March and for the first quarter of 2009, with one in every 27 housing units in some form of foreclosure activity -- five times the national average.
Other states topping the list in the first quarter were Arizona, California, Florida, Illinois, Michigan, Georgia, Idaho, Utah and Oregon.
"In the month of March we saw a record level of foreclosure activity," said James Sacaccio, RealtyTrac's CEO. "The number of households that received a foreclosure filing was more than 12 percent higher than the next highest month on record." |
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GGP, Foothills Mall file Chapter 11
FORT COLLINS - The owner of the Foothills Mall filed for bankruptcy Thursday, ending months of speculation regarding the company's ability to manage its debt.
Chicago-based General Growth Properties Inc. filed for Chapter 11 protection in U.S. Bankruptcy Court New York Southern District. Foothills and about 158 other shopping centers and other subsidiaries owned by the company also filed for Chapter 11. The filings will eventually be consolidated into one case.
GGP is claiming $27.3 billion in debts and $29.6 billion in assets. The single largest unsecured claim is for $1.987 billion by German property financier Eurohypo AG. Other large unsecured claims belong to Wilmington Trust, the Bank of New York Mellon and several retailers including Macy's, Guess Inc., Borders Books and Music and Sephora. The retailers listed have unsecured claims of less than $2 million.
Chapter 11 bankruptcy sets up a "debtor-in-possession" situation in which the company continues to operate while it restructures its operations and debt with the goal of emerging as a solvent venture. GGP has secured post-petition financing of about $375 million from Pershing Square Capital Management LP to finance its operations while in bankruptcy.
"Our core business remains sound and is performing well with stable cash flows," said GGP CEO Adam Metz, in a statement. "We believe that Chapter 11 is the best process for restructuring maturing mortgage loans, reducing the company's corporate debt, and establishing a sustainable, long-term capital structure for the company."
The company's bankruptcy comes after it failed to refinance its maturing debt in the collapsing credit market.
"Despite extensive efforts over many months to refinance or extend maturing debt, and attempts to sell certain properties to generate cash sufficient to satisfy mortgage debts as they mature, the company has been unable to do so because the commercial real estate finance markets have ceased to function and effectively are closed, even for loans on quality properties generating stable income," according to the GGP Web site.
The bankruptcy will not affect daily operations at GGP's 200-plus regional shopping malls.
"We are open for business as normal today," said Foothills General Manager Cynthia Eichler on Thursday. She was not able to comment any further on the bankruptcy proceedings, referring all inquiries to the GGP corporate office.
In a media conference call, Metz said he would not discuss specific divesture plans but that the company would sell "non-strategic properties." Closures are not expected.
"We don't anticipate that closing centers will be part of this operation," he said.
Following the credit crisis that hit in the fall, the company did identify properties it could sell; however, buyers were not able to put together "meaningful proposals" due to the lack of credit availability.
In addition to Foothills, GGP's Colorado properties include Park Meadows in Lone Tree, Southwest Plaza in Littleton and Chapel Hills Mall in Colorado Springs.
Park Meadows is one of about 70 centers that are not included in the bankruptcy filing. Properties not included in the filing were left out either because of joint partnerships in place or because the debt was not maturing in the near term. |
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Health fairs on tap at Loveland hospitals
LOVELAND - Northern Colorado residents are invited to attend health fairs set for Saturday and April 25 at two Loveland hospitals.
Medical Center of the Rockies in the Centerra development will host the annual 9HealthFair on April 18 where residents can receive free or low-cost health screenings and get health-care advice.
The fair will be held from 7 a.m. until noon. Free screenings will be offered for osteoporosis, blood pressure, hearing, vision, feet, lungs, oral health, skin cancer, mental health and other conditions. Blood chemistry testing and prostate and colon cancer screenings will be offered for between $15 and $30.
Visit www.9healthfair.org for more information.
On the following Saturday, April 25, the Loveland Community Health Fair will be held at McKee Medical Center from 8 a.m. to 1 p.m. at the hospital's Conference and Wellness Center.
Last year more than 1,400 people took part in blood chemistry screenings connected with the Loveland Community Health Fair -- the highest ever, according to a McKee spokeswoman. People who have their blood drawn before the event will be able to pick up their results at the fair. For an appointment, call 970-635-4181.
Those attending the Loveland fair can also take part in a number of health-care screenings, including pediatric screenings.
Sponsors of the fair include the city of Loveland, Larimer County Medical Society, Loveland Chamber of Commerce, Loveland Daily Reporter-Herald, Mountain States Tent and Awning and McKee Medical Center.
For more information, visit www.bannerhealth.com, keyword: Loveland Health Fair. |
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KUNC wins two Edward R. Murrow Awards
GREELEY - The Radio and Television News Directors Association has recognized KUNC with two regional Edward R. Murrow Awards for excellence in electronic journalism. The award was given in Region 3, which includes Colorado, Arizona, New Mexico, Utah and Wyoming.
The news department was recognized in the Breaking News category for its on-air coverage of last May's tornado that struck Windsor. Reporter Kirk Siegler was also honored in the Feature Hard News Category for a report on efforts to register Latino voters prior to the November election.
Regional winners automatically become eligible for the national awards competition, which will be judged in early June.
KUNC, which serves listeners along the Front Range at 91.5 FM and 102.7 FM in Boulder, was also recognized with a first place award for its Windsor tornado coverage by the Colorado Broadcasters Association.
The Northern Colorado Business Report and the Boulder County Business Report contribute local business news to KUNC every Wednesday afternoon and Thursday morning during the National Public Radio broadcast. |
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McCauley to break ground on FedEx facility
WINDSOR - Windsor-based McCauley Constructors announced the company will break ground this month on a new FedEx sorting and shipping facility in Grand Junction.
The $3 million, 25,000-square-foot facility will replace an existing facility and house a complete packaging center, offices and customer pickup center for the Western Slope region.
The Grand Junction project is the third FedEx sorting and shipping facility to be built by McCauley. Other projects have been built in Englewood and Colorado Springs, both completed in 2008.
"We are very excited to see our company continue working on the Western Slope of Colorado and plan to establish a permanent presence there in 2009 with the opening of an office in Grand Junction later this year," said Leon McCauley, company president and founder. |
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national news
IBM not interested in Sun at any price: report
NEW YORK (Reuters) - IBM is no longer interested in buying smaller rival Sun Microsystems Inc at any price, due to concerns that such a deal would draw intense regulatory scrutiny, CNBC reported on Thursday.
U.S. foreclosure filings jump as moratoriums end
NEW YORK (Reuters) - U.S. foreclosure activity leaped 46 percent in March from a year earlier, hitting a record high as programs stunting the torrid pace of failing mortgages expired, RealtyTrac reported on Thursday.
Recession still dragging down U.S. economy
WASHINGTON (Reuters) - The number of Americans claiming jobless aid hit a record early in April and groundbreaking for new homes slumped in March, according to data on Thursday that showed an economy still struggling to crawl out of recession.
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