TrafficCourt

GGP Gets Two-Week Extension

RSS

General Growth negotiated a two-week extension in $900 million in loans it had coming due last Friday. It is working to secure a longer extension or else sell the properties.

General Growth Properties Inc. said late Sunday that its lenders have granted the heavily leveraged Chicago mall operator a two-week "interim extension" on $900 million of debt, allowing General Growth a bit of breathing room as it struggles to avoid bankruptcy.

The real estate investment trust said it and the syndicate of lenders "are continuing their discussions" on a longer-term extension to the loan, which technically came due Friday.

Past links and stories:

Please or Register to post comments.

What's TrafficCourt?

Industry news, views and occasional strange stuff.

Contributors

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...
Blog Archive
National Real Estate Investor Related Sites

Sponsored Introduction Continue on to (or wait seconds) ×