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The Honolulu Advertiser
Posted on: Tuesday, December 22, 2009

General Growth wins court approval to restructure loans totalling $11.6B

Bloomberg News Service

General Growth Properties Inc., the second-largest U.S. mall owner, has won approval from creditors and a federal court to restructure loans totaling $11.6 billion, according to a lawyer.

The company today won confirmation from U.S. Bankruptcy Judge Allan Gropper in Manhattan of its plan to extend the maturities of seven loans at least $1.3 billion after creditors agreed to the terms.
That amount was in addition to $10.25 billion in debt that Gropper said on Dec. 15 Chicago-based General Growth could reorganize in its Chapter 11 bankruptcy case, bringing the total to $11.6 billion, said Anup Sathy, a lawyer from Kirkland & Ellis LLP representing General Growth.