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General Growth Gets Another Extension

General Growth has once again worked out an extension with its lenders. It now has until March 15 to deal with its loans. According to a press release from the company issued Friday night:

General Growth Properties, Inc. (NYSE:GGP) announced today that it had entered into Amended and Restated Forbearance and Waiver Agreements with its syndicates of lenders for the 2006 Senior Credit Agreement and the Secured Portfolio Facility which extend the forbearance periods from today until March 15, 2009. Under the terms of the amended Forbearance Agreements, the Company agreed to certain additional restrictions and covenants, and the lenders agreed that certain possible future cross-defaults related to the Company's mortgage indebtedness will not cause an immediate termination of the Forbearance Agreements.

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