The Future Of SPEs In Light Of General Growth

Law360, New York (February 9, 2010, 10:31 AM EST) -- On Dec. 15, 2009, Dec. 23, 2009, and Jan. 20, 2010, the Bankruptcy Court for the Southern District of New York confirmed 216 bankruptcy plans (the “Plan”) for several affiliated special purpose entity (“SPE”) project-level debtors of General Growth Properties (“GGP”)[1].

Significant in the Plan were certain provisions addressing the flaws in the structure of the SPEs that filed for bankruptcy provisions that may serve to help the lenders whose bargained-for expectations were badly dashed when the bankruptcy court denied their motions to dismiss the SPEs’...
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