General Growth Seeks More Time

General Growth has yet to receive enough consents from its Rouse Co. debtholders (otherwise known as owners of TRCLPs) to give it more time to work out its financial troubles.

As of 5:00 p.m. on March 20, 2009, consents had been validly delivered (and not validly revoked) with respect to the following amounts of TRCLP Notes:

3.625% Notes due 2009: $165,801,000 42.0%

8% Notes due 2009: $134,784,000 67.4%

7.20% Notes due 2012: $340,058,000 85.0%

5.373% Notes due 2013: $310,930,000 69.1%

6 3/4 Notes due 2013: $625,410,000 79.5%

“In light of the fact that during the initial extension of the consent solicitation, we received an increased level of consents from bondholders in all series and due to difficulties that we understand some holders experienced in obtaining the consent solicitation materials, we have decided to extend the solicitation for an additional period,” said Adam Metz, CEO. “We continue to believe that giving the Company time to work with its creditors to develop a comprehensive restructuring plan without the threat and distraction of ongoing defaults is in the best interests of the Company and all of its constituencies.”

The minimum acceptance levels for each series of the TRCLP Notes are: 90% of the 3.625% Notes due 2009 and the 8% Notes due 2009; 75% of the 7.20% Notes due 2012, the 5.375% Notes due 2013 and the 6 3/4% Notes due 2013. Holders of TRCLP Notes who have previously validly delivered consents will continue to have the right to revoke their consents through the extended expiration date.