GGP Plan To Restructure $10B In Loans Wins Court OK

Law360, New York (December 15, 2009, 7:12 PM EST) -- A bankruptcy judge on Tuesday approved General Growth Properties Inc.'s plan to restructure about $10.25 billion in secured mortgage loans for 103 of its properties, according to attorneys for the mall development giant.

The plan was approved by Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York, paving the way for the 103 regional shopping centers, office properties, community centers and other GGP subsidiaries covered by the agreements with lenders to emerge from bankruptcy.

“We were very pleased to...
To view the full article, register now.