CHICAGO – General Growth Properties Inc. (NYSE: GGP), owner of Providence Place and the Silver City Galleria in Taunton, and manager of the Swansea Mall, oday delayed its third-quarter report, citing the company’s “recent executive management changes.” The report, originally slated for this Friday, now is due on Nov. 5.

The company yesterday announced the immediate resignations of CEO John Bucksbaum and President Robert A. Michaels.

Their posts were filled on an interim basis by two independent directors – with Adam Metz becoming interim CEO and Thomas H. Nolan Jr. interim president, effective immediately – although Bucksbaum continues to serve as chairman and Michaels continues to serve as chief operating officer and a senior officer in the company, General Growth said.

“Adam and Tom bring a wealth of real estate and finance experience to our company,” Bucksbaum said in a statement. “I fully support the board of director’s decision to have them join the senior management team, given their deep knowledge of our industry and extensive relationships.”

It is the second shakeup this month for General Growth, which in early October announced that Edmund Hoyt would serve as interim chief financial officer, in place of former CFO Bernard Freibaum, “who is no longer employed by the company.” (READ MORE) An internal review found that an affiliate of the Bucksbaum family trust had made certain undisclosed loans to Michaels and Freibaum that violated company policy, General Growth said yesterday. But those loans did not violate any laws or U.S. Securities and Exchange Commission regulations, the company said.

The latest news spurred Fitch Ratings – citing concerns that “these management changes may be disruptive to the company’s daily management and execution of financial and strategic alternatives, the pursuit of which was announced by GGP on Sept. 22” – to downgrade its issuer default ratings (IDRs) and outstanding debt ratings for General Growth and its subsidiaries. The agency cut its IDRs for General Growth, GGP LP and The Rouse Co. LP to “B” from the previous “B+”; pared its ratings for GGP LP and Rouse Co. debt; and maintained its previous negative ratings watch.

“Resolution of the Negative Rating Watch will be driven by GGP’s ability to refinance, extend or otherwise amend the terms of its near-term indebtedness to provide the company with additional liquidity and financial flexibility,” the ratings agency said.

GGP is a publicly-owned real estate investment trust (REIT) that owns more than 200 malls in 44 states, totaling more than 200 million square feet, as well as commercial office buildings and community development projects that were part of its Rouse Co. purchase in 2004.

“We recognize that we are facing unprecedented challenges in this economic environment, and we are committed to working with all our stakeholders to achieve a successful outcome to our strategic review process,” said Metz, the interim CEO.

Former top executives “John [Bucksbaum] and Bob [Michaels] remain committed to the company’s success and will continue to play important roles both in the strategic review process and in the ongoing operations of the company,” he said. “Tom and I look forward to working with both of them.”

General Growth’s board, management and advisors “continue to be fully engaged in a comprehensive evaluation of all financial and strategic alternatives … including but not limited to, asset sales, joint ventures, corporate level capital infusions, and broader strategic business combinations,” the company said yesterday in announcing the latest executive-suite changes.

On Sept. 22, company executives announced they were developing a “comprehensive, strategic plan to generate capital from a variety of potential sources” that might include the sale of part or all of certain core and non-core assets, “a corporate-level capital infusion” and possible “strategic business combinations.”

Now, General Growth said – “along with other assets currently being marketed” – it has decided to seek buyers for its retail properties in Las Vegas: Fashion Show Mall, Grand Canal Shoppes and The Palazzo. Marketing will begin immediately, under the direction of Goldman, Sachs & Co. and Eastdil Secured, General Growth said. Meanwhile, the company “is working with its syndicate of lenders” to extend its loans on Fashion Show Mall and The Palazzo, currently due Nov. 28.

“The company continues to remain current on all of its debt obligations,” General Growth stressed.

The company’s plan to divest itself of the Las Vegas properties drew a positive response. “We think a prompt sale could ease GGP’s liquidity concerns,” Standard & Poor’s analyst Robert McMillan said in a note to investors, according to Bloomberg News.

General Growth Properties Inc. (NYSE: GGP) is one of the nation’s largest publicly traded real estate investment trusts (REITs) based on market capitalization. GGP’s portfolio includes about 200 million square feet of retail space and more than 24,000 stores, as well as stakes in various master-planned community developments and commercial office buildings. Additional information is available at www.ggp.com.