General Growth Properties Announces Filing of Plan of Reorganization and Related Disclosure Statement for Approximately $9.7 Billion of Secured Mortgage Loans
Business Wire, Dec 02, 2009
CHICAGO — GENERAL GROWTH PROPERTIES, INC. (“GGP”) today announced the filing of
the plan of reorganization and related disclosure statement with the
Bankruptcy Court in the Southern District of New York for the 92
regional shopping centers, office properties, community centers and
related subsidiaries associated with approximately $9.7 billion of
secured mortgage loans. This amount exceeds the previously announced
agreements in principal to restructure $8.9 billion of mortgage loans,
as GGP has reached additional consensual agreements in principal with
certain secured mortgage lenders since the prior announcement on
November 19, 2009.
Confirmation of the plan of reorganization is currently scheduled for
December 15, 2009. The plan of reorganization provides that all
undisputed claims against the emerging debtors for pre-petition goods
and services will be paid in full
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