General Growth Receives More Loan Modifications $$

• Posted by ToddSullivan
• on December 2nd, 2009

From the news today…

Gen Growth Prop (GGWPQ) announces filing of plan of reorganization and related disclosure statement for approximately $9.7 billion of secured mortgage loans (GGWPQ) 6.90 : Co 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.

It is only a matter of time before the rest of the lenders agree to terms.

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