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September 2010 
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Some General Growth Properties May Soon Exit Bankruptcy |
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Pauline Renaud, November 2009 |
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(20 November 2009)
Mall operator General Growth Properties Inc. (GGP) said on Thursday it had reached an agreement with its lenders to restructure about $8.9m in debt, allowing 170 of its entities to emerge from bankruptcy protection by the end of the year.
“We are extremely pleased to reach this consensual agreement with lenders representing more than half of the mortgage debt covered by the bankruptcy proceedings,” Thomas Nolan Jr., president and chief operating officer at General Growth, said in a statement.
“I think it’s a good outcome from the lenders’ perspective, and I think GGP did what it need to do restructure its balance sheet,” said Greg Cross, partner in charge of Venable LLP’s bankruptcy group, reports the Business Journal.
The plan is expected to be filed with the court within 10 days, and a confirmation hearing is scheduled for 14 December.
General Growth and about 166 regional shopping centres and other subsidiaries filed for Chapter 11 bankruptcy protection in April, listing assets of $29.5bn and debts of as much as $27.3bn.
This failure marked the largest US real estate bankruptcy case in history.
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