GGP Gets Two-Week Extension

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.

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