GGP, Safeco Strike Deal Over $33M In Surety Bonds

Law360, New York (June 11, 2010, 2:43 PM EDT) -- Bankrupt General Growth Properties Inc. is asking a judge to approve a deal it reached with Safeco Insurance Co. of America to prevent the insurer from canceling over $33 million in surety bonds issued to the mall owner before the company filed for bankruptcy.

In a motion filed Thursday in the U.S. Bankruptcy Court for the Southern District of New York, the debtors sought approval for the settlement, as well as permission to enter into a post-petition surety facility with Safeco.

The proposed settlement resolves Safeco's...
To view the full article, register now.