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GGP to File Reorganization Plan Next Week; Asks for Exclusivity Period Extension

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Things have been quiet on the General Growth front since the hearing in early May during which the court approved the Brookfield backed recapitalization plan and then Simon Property Group withdrew from its pursuit.

Last night General Growth provided a brief status update.

General Growth Properties Announces It Expects to File a Chapter 11 Plan of Reorganization on or around July 9, 2010

Files Motion for Extension of Exclusivity for Plan of Reorganization

CHICAGO--(BUSINESS WIRE)--General Growth Properties, Inc. (NYSE: GGP) today announced it expects to file its Chapter 11 Plan of Reorganization and accompanying disclosure statement on or around July 9, 2010. Concurrent with this announcement, GGP has filed a motion with the United States Bankruptcy Court for the Southern District of New York requesting an extension of its exclusive period in which to file the Chapter 11 Plan of Reorganization through October 18, 2010, and its exclusive period to solicit acceptances of any Plan of Reorganization through December 16, 2010. The current exclusivity periods are scheduled to expire on July 15, 2010, and September 15, 2010, respectively.

While GGP expects to file its plan within the current exclusivity period, the requested extension is integral to GGP's strategy to maximize value upon emergence. The extension would allow GGP to continue to explore all financing emergence options available to it and to complement or replace existing financing commitments on an exclusive basis.

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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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