On The Block

General Growth Properties Inc. (NYSE:GGP) has sown the seeds for the sale of its retail properties in Las Vegas. Goldman Sachs & Co. and Eastdil Secured have agreed to handle marketing duties for the real estate investment trust. The assets on the block are the Fashion Show Mall, Grand Canal Shoppes and The Palazzo. General Growth continues to evaluate financial and strategic alternatives such as other asset sales, joint ventures, corporate level capital infusions and broader business combinations. On Oct. 27, Chicago-based General Growth Properties said it remains current with all debt obligations. Adam Metz also agreed to serve as interim CEO while Thomas Nolan Jr. agreed to serve as interim president.

Hydrogen LLC has hired Triax Capital Advisors LLC to help with the process of selling assets. Triax Capital Advisors Managing Partner Joseph Sarachek said he is hopeful his firm will find the right strategic alternative because the cleantech sector is very hot right now. Hydrogen LLC is a fuel cell maker that voluntarily filed for Chapter 11 bankruptcy protection on Oct. 22, 2008. The filing doesn’t include Hydrogen LLC’s parent, Hydrogen Corp. (Nasdaq: HYDG). Hydrogen LLC pursued bankruptcy protection because it couldn’t find a buyer and couldn’t obtain more financing after it received a $2 million bridge loan from Samsung C&T Corp. and Federated Kaufmann Fund in August.

Evergreen Energy Inc. (NYSE: EEE) has hired Houlihan Lokey to advise its management and board about strategic options that can ignite shareholder value. Evergreen, a Denver-based clean coal company, plans to check into the possible sale of certain assets and the creation of a joint venture, among other options. In October, William Walker Jr. resigned as chairman because he was “displeased with the focus and pace of progress at Evergreen.” He joined the company in April 2008. Walker intends to maintain his equity position in the company, according to an SEC filing on Oct. 29, 2008.

Heelys Inc. (Nasdaq: HLYS) is taking steps to review strategic alternatives to enhance shareholder value at the Dallas-based footwear maker and designer. It hired Houlihan Lokey to help analyze a broad range of options. The investment bank was hired a day before Heelys reported that its third-quarter net income fell to $755,000 from $6.6 million a year earlier. Sales also dropped to $23.8 million from $49.9 million. Heelys blames that performance on recent global economic events that created a challenging selling environment and made the holiday outlook more uncertain. In August, the company rejected Sketchers USA Inc.’s $5.25 a share unsolicited buyout offer and said it was too low.