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MetLife Wants 10 General Growth Ch. 11 Cases Nixed

Law360 (June 1, 2009, 12:00 AM EDT) -- Metropolitan Life Insurance Co. has asked a judge to dismiss 10 cases from General Growth Property Inc.'s Chapter 11 proceedings, arguing that the properties do not need bankruptcy protection and are using their filings to gain leverage in refinancing existing loans.

In three motions filed Friday in the U.S. Bankruptcy Court for the Southern District of New York, MetLife argued that the debtors can fulfill their existing obligations with cash flow to spare.

The Chapter 11 petitions at issue were filed by Providence Place Holdings LLC,...
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