GGP, Spurned DIP Lenders Reach $2.75M Deal

Law360, New York (July 27, 2009, 3:22 PM EDT) -- General Growth Properties Inc. and a group of spurned financiers, including a unit of Goldman Sachs Group Inc., have reached a $2.75 million deal that would settle an administrative claim stemming from the financing group's presence in the bidding for GGP's debtor-in-possession financing package.

If the settlement, announced in a Friday filing in the U.S. Bankruptcy Court for the Southern District of New York, receives the approval of Judge Allan L. Gropper, Brookfield Financial LLC and Goldman Sachs Mortgage Co. will receive $2.75 million to settle...
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