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General Growth Gets Another Extension

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General Growth has once again worked out an extension with its lenders. It now has until March 15 to deal with its loans. According to a press release from the company issued Friday night:

General Growth Properties, Inc. (NYSE:GGP) announced today that it had entered into Amended and Restated Forbearance and Waiver Agreements with its syndicates of lenders for the 2006 Senior Credit Agreement and the Secured Portfolio Facility which extend the forbearance periods from today until March 15, 2009. Under the terms of the amended Forbearance Agreements, the Company agreed to certain additional restrictions and covenants, and the lenders agreed that certain possible future cross-defaults related to the Company's mortgage indebtedness will not cause an immediate termination of the Forbearance Agreements.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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