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The Honolulu Advertiser
Posted on: Wednesday, January 27, 2010

BUSINESS BRIEFS
General Growth turns to reducing debt

Advertiser Staff and News Services

Hawaii news photo - The Honolulu Advertiser

The company that owns Ala Moana Center, General Growth Properties, has turned its focus to reducing its debt, and has restructured $9.4 billion in mortgage loans.

ADVERTISER LIBRARY PHOTO | December 2009

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Shopping center owner General Growth Properties Inc. said it's focused on reducing corporate debt now that the bulk of its shopping centers have emerged from bankruptcy protection.

General Growth yesterday said it has restructured 74 secured mortgage loans totaling $9.4 billion, allowing 180 subsidiary debtors to come out bankruptcy.

Ala Moana Center and Ward Centers were among General Growth's properties used as security for those loans.

General Growth said it intends to hire UBS Investment Bank to explore ways to reduce debt, which could include conversion of debt to equity.

General Growth shares closed down 34 cents at $9.90 yesterday in over-the-counter trading.

RAIL OPPORTUNITIES FOR SMALL BUSINESSES

Honolulu Rail for Growth, a consortium bidding to supply the vehicles and systems for Honolulu's planned commuter rail system, will host a meeting tomorrow to discuss opportunities for disadvantaged business enterprises and small business enterprises.

The meeting, 3:30 to 7:30 p.m. in the Ilima Room of the Ala Moana Hotel, will provide information to businesses looking to get involved in Honolulu Rail for Growth's proposal in the areas of project management, vehicle assembly works, electrical work and construction.

Pre-registration is requested e-mail info@honolulurailforgrowth.com or visit www.honolulurailforgrowth.com.

CONVICT BANNED FROM FINANCIAL INDUSTRY

The National Credit Union Administration Board has issued an order prohibiting former Leahi Federal Credit Union employee Charice Kaahanui from working for any federally insured financial institution.

Kaahanui, 25, was convicted of bank fraud in October 2008 and sentenced to 14 months in prison and five years supervised release, and ordered to pay $26,980 in restitution.

Advertiser Staff