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GGP Pushes for Another Extension

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It was another long weekend for General Growth. But it appears the company has extended a deadline with bondholders.

A unit of General Growth Properties Inc., a real estate investment trust, said Monday that it would extend its deadline to get the consent of lenders to avoid penalties for late repayment of debt.

The Rouse Company LP set March 27 at 5 p.m. ET as the new expiration date. It is seeking consent from holders of unsecured notes worth $2.25 billion as of Dec. 31.

Chief Executive Adam Metz said it extended the deadline after it had received a higher-than-expected number of consents ahead of the original deadline.

"We continue to believe that giving the company time to work with its creditors to develop a comprehensive restructuring plan without the threat and distraction of ongoing defaults is in the best interests of the company and all of its constituents," Metz said in a statement.

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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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