GGP Pushes for Another Extension

It was another long weekend for General Growth. But it appears the company has extended a deadline with bondholders.

A unit of General Growth Properties Inc., a real estate investment trust, said Monday that it would extend its deadline to get the consent of lenders to avoid penalties for late repayment of debt.

The Rouse Company LP set March 27 at 5 p.m. ET as the new expiration date. It is seeking consent from holders of unsecured notes worth $2.25 billion as of Dec. 31.

Chief Executive Adam Metz said it extended the deadline after it had received a higher-than-expected number of consents ahead of the original deadline.

"We continue to believe that giving the company time to work with its creditors to develop a comprehensive restructuring plan without the threat and distraction of ongoing defaults is in the best interests of the company and all of its constituents," Metz said in a statement.

Past links and stories:

• March 20, 2009, Citigroup Moves to Foreclose on GGP Mall
• March 20, 2009, GGP's Lenders Waive Default; REIT Asks for Further Forbearance
• March 10, 2009, GGP Asks for More Time
• 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