General Growth Properties Inc, the second largest owner of shopping malls in the United States including the South Street Seaport in Lower Manhattan, has won approval from its creditors and a federal court to restructure $11.6 billions in loans, according to a lawyer, Bloomberg News reported yesterday.
On December 15, 2009, U.S. Bankruptcy Judge Allan Gropper said that General Growth, which is based in Chicago, could reorganize $10.25 billion in its Chapter 11 bankruptcy case and on December 22 he approved its plan to extend the maturities of seven loans worth about $1.3 billion.
The December 22 ruling leaves five loans for 24 properties that the company wants lenders to agreed to alter, Anup Sathy, a lawyer representing General Growth told Bloomberg.
General Growth had filed the biggest real-estate bankruptcy in U.S. history in April after it had amassed $27 billion in debt, the article said, adding that the company owns or manages more than 200 shopping malls in 44 states and also owns office buildings.
The company was founded by Martin and Matthew Bucksbaum in Cedar Rapids, Iowa, in 1954 and in 2004 it acquired Rouse Companies.
Besides the South Street Seaport, where General Growth recently proposed a major redevelopment including a 40-story tower, Rouse owned Faneuil Hall Marketplace in Boston.
On December 15, 2009, U.S. Bankruptcy Judge Allan Gropper said that General Growth, which is based in Chicago, could reorganize $10.25 billion in its Chapter 11 bankruptcy case and on December 22 he approved its plan to extend the maturities of seven loans worth about $1.3 billion.
The December 22 ruling leaves five loans for 24 properties that the company wants lenders to agreed to alter, Anup Sathy, a lawyer representing General Growth told Bloomberg.
General Growth had filed the biggest real-estate bankruptcy in U.S. history in April after it had amassed $27 billion in debt, the article said, adding that the company owns or manages more than 200 shopping malls in 44 states and also owns office buildings.
The company was founded by Martin and Matthew Bucksbaum in Cedar Rapids, Iowa, in 1954 and in 2004 it acquired Rouse Companies.
Besides the South Street Seaport, where General Growth recently proposed a major redevelopment including a 40-story tower, Rouse owned Faneuil Hall Marketplace in Boston.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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