Bankruptcy court OKs General Growth's plan

December 17, 2009

CHICAGO - Mall operator General Growth Properties Inc. said a bankruptcy court has approved its plan to restructure $10.25 billion in debt related to 103 properties as part of its effort to emerge from Chapter 11 bankruptcy protection. General Growth, which owns many of the Baltimore region's malls and is based in Chicago, filed the largest U.S. real estate bankruptcy case in history in April. Under the reorganization plan, the approval of which was announced Tuesday, 194 debtors owning 85 regional shopping centers, 15 office properties and three community centers will emerge from bankruptcy "as soon as practible." Lenders will restructure the properties' 87 secured mortgage loans, worth about $10.25 billion in exchange for full payment of all undisputed claims of creditors. A plan for 26 more debtors will be up for approval after certain conditions are satisfied.

- Associated Press

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