General Growth Freshens $400M DIP Deal

Law360, New York (July 9, 2010, 4:51 PM EDT) -- General Growth Properties Inc. has forged a new $400 million debtor-in-possession financing agreement with Barclays Bank PLC, a move the bankrupt mall owner said would save it $2.7 million per month in interest payments.

The company sought approval for the deal in a motion filed Thursday in the U.S. Bankruptcy Court for the Southern District of New York, saying the updated credit agreement would provide it with the opportunity to “significantly reduce” its cost of borrowing while preserving a substantial number of the terms and conditions...
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