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GGP Signs Forbearance Agreement

General Growth Properties Inc., a publicly traded real estate investment trust that owns more than 200 shopping malls in the U.S., signed forbearance agreements temporarily protecting the company against defaults.

The senior credit lenders agreed to take no action until Jan. 30 in return for General Growth's consent to allowing no change in control or sale of assets without their consent. General Growth also will not incur debt or buy subordinated debt without the lenders' consent.

The holders of $900 million in matured mortgages agreed to waive non-payment until Feb. 12.


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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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