It took almost a week, but General Growth got an extension on its $900 million loan until February.
U.S. mall giant General Growth Properties Inc. said its syndicate of lenders for a $900 million loan has agreed to extend the payment deadline till Feb. 12, 2009.
Last week, all the lenders had agreed to extend the deadline except for Citibank, which held out on the extension for the loan, originally due Nov. 28, on two Las Vegas malls -- Fashion Show and Shoppes at the Palazzo.
The loan extension comes after six of the banks used pressure tactics on Citigroup Inc on Wednesday, to get it to agree to an extension, according to a Wall Street Journal report.
On Wednesday, the six lenders had threatened an end run to get Citigroup's cooperation, and said if an extension was not approved, they would not agree to declare the loan due, giving General Growth a de facto extension, the paper said citing people familiar with the talks.
Past links and stories:
- December 15, GGP "Continuing its Discussions with Lenders"
- Decmeber 15, Breaking: GGP Refinances
- December 5, Citi Plays Hardball With GGP
- December 3, Centro, GGP Find Ways to Hang On
- December 1, GGP Gets Two Week Extension
- November 25, Ackman Builds Stake in GGP
- November 20, General Growth Hires Bankruptcy Advisor
- November 17, General Growth Downgraded; Feldman to Stop Filing Public Reports
- November 12, General Growth Roundup
- November 11, General Growth Warns of Default
- November 5, GGP, Kimco Fall After Cutting Forecasts
- November 2, General Growth "Almost Literally Worth Nothing"
- October 17, Management Changes at GGP
- October 15, Margin Calls Hit Two More Retail REITs
- October 7, General Growth Near Bankruptcy?
- October 3, General Growth CFO Steps Down; Company Suspends Dividend
- October 2, GGP Under Fire for Inclusion on Short-Sell Ban List
- October 1, Could General Growth Be Sold?
- September 23, Short Selling Banned on General Growth
- September 22, General Growth Strikes Back
- September 16, General Growth Offers More Recourse
- August 12, Another Look at GGP's Debt
- August 6, Analysis of GGP's Debt
- July 25, Stories With Bigger Implications?
- July 14, GGP Lines Up New Financing
- April 16, GGP's Growing Debt Problem