General Growth Bankruptcy Plan Clears Major Hurdle

Law360, New York (August 19, 2010, 3:52 PM EDT) -- Bankrupt General Growth Properties Inc.'s private equity-backed restructuring deal eased past a major procedural hurdle Thursday, but creditors said more battles could lurk ahead before the mall owner can exit Chapter 11.

Judge Allan L. Gropper approved a disclosure statement for the company's restructuring plan at a packed but relatively uncontentious hearing in the U.S. Bankruptcy Court for the Southern District of New York.

Not concealing his general favor for the plan, which promises to pay virtually all creditors in full and provide recovery for stockholders,...
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