Friday, November 20, 2009

General Growth Secures Financing

From WaPo via AP:

Mall operator General Growth Properties, which filed the largest U.S. real estate bankruptcy case in history earlier this year, said Thursday that its lenders have agreed to restructure some $8.9 billion in shopping mall mortgage loans.

The agreements, which cover loans on more than 70 malls, could enable some of the shopping centers to exit bankruptcy before the end of this year, the company said.

Thomas Nolan Jr., General Growth's president and chief operating officer, said he hoped the deals would lay the groundwork for restructuring another $6 billion in mortgage loans on other shopping malls.

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