General Growth negotiated a two-week extension in $900 million in loans it had coming due last Friday. It is working to secure a longer extension or else sell the properties.
General Growth Properties Inc. said late Sunday that its lenders have granted the heavily leveraged Chicago mall operator a two-week "interim extension" on $900 million of debt, allowing General Growth a bit of breathing room as it struggles to avoid bankruptcy.
The real estate investment trust said it and the syndicate of lenders "are continuing their discussions" on a longer-term extension to the loan, which technically came due Friday.
Past links and stories:
- 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