$400M DIP Financing Approved For General Growth

Law360, New York (May 14, 2009, 12:00 AM EDT) -- A bankruptcy judge has approved a $400 million debtor-in-possession financing facility for mall operator General Growth Properties Inc. in its Chapter 11 proceedings, over the objections of some of the company's creditors.

Bankruptcy Judge Allan Gropper of the U.S. Bankruptcy Court for the Southern District of New York gave the go-ahead to the two-year package, funded by a group of creditors led by Farallon Capital Management LLC, GGP announced Wednesday.

Judge Gropper also ruled that GGP could continue drawing money from all of its malls' cash...
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