More General Growth execs sell shrs to cover loans
NEW YORK, Sept 24 (Reuters) - Two executives of mall owner General Growth Properties GGP.N sold shares to cover margin loans, less than a week after six other directors did the same, according to regulatory filings.
Alexander Berman, senior vice president of GGP International, sold 15,000 shares at $16.50 on Sept. 22, to pay a margin loan, according to Securities and Exchange Commision documents filed on Wednesday.
Edmund Hoyt, chief accounting officer, sold 80,000 shares on Sept. 22, Sept. 23 and Sept 24 at average prices ranging from $16.14 to $17.20, according to another SEC filing.
Last week, other executives including Chef Financial Officer Bernard Freibaum, sold stock to pay margin loans, filings said. Freibaum sold 1,455,800 shares, the filing said.
On Monday, General Growth, the second-largest U.S. mall owner, said it would review strategic alternatives, including the sale of properties, to raise capital to meet its looming debt obligations, and its shares lost a quarter of their value.
General Growth shares fell 6.8 percent, or $1.16, on Wednesday, to close at $15.84 on the New York Stock Exchange.
On Tuesday, its shares were added to the SEC NYSE short sale prohibition list, according to the NYSE. (Reporting by Ilaina Jonas; Editing by David Gregorio)
