GGP Asks for More Time

General Growth is seeking forbearance from some of its bondholders to hold off on defaulting until Dec. 31, 2009. It is asking bondholders to hold off requesting payment as it attempts to refinance billions in debt and avoid bankruptcy.

General Growth Properties, Inc.announced that its subsidiary, The Rouse Company LP (“TRCLP”), launched a solicitation today to obtain consents from the holders of TRCLP's unsecured notes (five series with an aggregate outstanding principal amount of approximately $2.25 billion at December 31, 2008) to forbear from exercising remedies with respect to various payment and other defaults under the notes through December 31, 2009.

“This is a significant step in our ongoing efforts to reach a plan with our lenders to develop a long-term solution to the Company's maturing debt” said Adam Metz, Chief Executive Officer. “We developed this forbearance working together with the financial and legal advisors to an ad hoc committee of holders of TRCLP Notes the members of which hold, in the aggregate, approximately 41% of TRCLP Notes.

Past links and stories:

• March 3, 2009, GGP Reportedly Getting Bids for Properties
• Feb. 24, 2009, GGP Posts Gains But Drops Earnings Call and Estimates
• Feb. 20, 2009, GGP Bankruptcy Scenario
• Feb. 18, 2009, GGP Misses Payments
• Feb. 2, 2009, General Growth Gets Another Extension
• Jan. 5, 2009, GGP Switches Bankruptcy Advisors
• Dec. 30, 2008, GGP Signs Forebearance Agreement
• Dec. 19, 2008, GGP Puts Centers on the Block
• Dec. 18, 2008, General Growth Extension Comes Through
• Dec. 15, 2008, GGP "Continuing its Discussions with Lenders"
• Dec. 14, 2008, Breaking: GGP Refinances
• Dec. 5, 2008, Citi Plays Hardball With GGP
• Dec. 3, 2008, Centro, GGP Find Ways to Hang On
• Dec. 1, 2008, GGP Gets Two Week Extension
• Nov. 25, 2008, Ackman Builds Stake in GGP
• Nov. 20, 2008, General Growth Hires Bankruptcy Advisor
• Nov. 17, 2008, General Growth Downgraded; Feldman to Stop Filing Public Reports
• Nov. 12, 2008, General Growth Roundup
• Nov. 11, 2008, General Growth Warns of Default
• Nov. 5, 2008, GGP, Kimco Fall After Cutting Forecasts
• Nov. 2, 2008, General Growth "Almost Literally Worth Nothing"
• Oct. 17, 2008, Management Changes at GGP
• Oct. 15, 2008, Margin Calls Hit Two More Retail REITs
• Oct. 7, 2008, General Growth Near Bankruptcy?
• Oct. 3, 2008, General Growth CFO Steps Down; Company Suspends Dividend
• Oct. 2, 2008 GGP Under Fire for Inclusion on Short-Sell Ban List
• Oct. 1, 2008, Could General Growth Be Sold?
• Sept. 23, 2008, Short Selling Banned on General Growth
• Sept. 22, 2008, General Growth Strikes Back
• Sept. 16, 2008, General Growth Offers More Recourse
• Aug. 12, 2008, Another Look at GGP's Debt
• Aug. 6, 2008, Analysis of GGP's Debt
• July 25, 2008, Stories With Bigger Implications?
• July 14, 2008, GGP Lines Up New Financing
• April 16, 2008, GGP's Growing Debt Problem