Jilted General Growth Lenders Land $2.75M Payday

Law360, New York (August 5, 2009, 3:36 PM EDT) -- The judge overseeing the Chapter 11 reorganization of General Growth Properties Inc. has approved the $2.75 million settlement between the mall operator and a clutch of spurned lenders, led by a unit of Goldman Sachs Group Inc., that claimed their rival bid led to an enhanced debtor-in-possession financing package.

Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York signed off on the stipulation Monday, putting to rest Goldman and Brookfield Financial LLC’s $5.8 million administrative claim for allegedly bettering...
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