General Growth amends plan, still aims to emerge from bankruptcy in October

August 03, 2010

Chicago-based General Growth Properties Inc. said it amended its reorganization plan to increase its capital structure flexibility and improve investment terms, and remains on track to emerge from bankruptcy in October.

The plan includes the reinstatement of $1.3 billion in bonds due in 2012 and 2013.

The company, which in Maryland owns Harborplace, the Gallery, the Village of Cross Keys, Mondawmin Mall, Towson Town Center, Owings Mills Mall and White Marsh Mall, among others, said its emerging financing needs will be met partially by the reinstatement of the bonds and it does not expect to need a previously contemplated term loan.

Shares of General Growth Properties fell 19 cents Tuesday, closing at $14.02 on the New York Stock Exchange.

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