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General Growth Finds $400M In New DIP Financing

Law360 (May 6, 2009, 12:00 AM EDT) -- Mall operator General Growth Properties Inc. has secured a new, $400 million debtor-in-possession financing facility in its Chapter 11 proceedings, replacing the $375 million loan it had originally proposed.

In an agreement filed April 30 in the U.S. Bankruptcy Court for the Southern District of New York, GGP disclosed that it had reached the agreement with a group of creditors to replace Pershing Square Capital Management LP, whose DIP loan GGP cited in its April Chapter 11 filing.

The new DIP lenders include Farallon Capital Management...
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