GGP To Restructure $8.9B Debts; Rival Mulls Bid

By Brendan Pierson

Law360, New York (November 19, 2009, 3:10 PM ET) -- Bankrupt mall operator General Growth Properties Inc. has struck a deal to restructure $8.9 billion in mortgage loans on 70 properties that it hopes to remove from bankruptcy by the end of the year, while rival Simon Property Group Inc. is considering a bid for GGP's assets.

Under the restructuring agreement, which must first be approved by the U.S. Bankruptcy Court for the Southern District of New York, the maturity dates of all the loans will be pushed back, GGP said Thursday. The average maturity date,...
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