General Growth Wins OK For $400M DIP Deal

Law360, New York (July 23, 2010, 1:34 PM EDT) -- General Growth Properties Inc. has won its bid to enter into a new $400 million debtor-in-possession financing agreement with Barclays Bank PLC, a move the bankrupt mall owner said would save it $2.7 million per month in interest payments.

Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York approved the deal Thursday, allowing GGP to enter into an agreement it says will “significantly reduce” its borrowing costs.

The new financing deal — which replaces a previous loan funded by...
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