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November 20, 2009

General Growth, lenders agree to rework mall debt

  • The agreements cover $8.9 billion in loans on more than 70 malls.
    • By ALEX VEIGA
    AP Real Estate Writer

    LOS ANGELES — Mall operator General Growth Properties Inc., which filed for bankruptcy earlier this year, said Thursday its lenders have agreed to restructure some $8.9 billion in shopping mall mortgage loans.

    The agreements, which cover loans on more than 70 malls, could enable some of the shopping centers to exit bankruptcy before the end of this year, the company said.


     
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