Gropper Approves More GGP Properties to Emerge $$

• Posted by ToddSullivan
• on December 23rd, 2009

The rest of the secured lenders will accepted similar terms very soon. Then all that is left is the unsecured and a possible buyout/partner.

From Reuters:

A judge overseeing the bankruptcy of mall operator General Growth Properties (GGWPQ.PK) approved a plan on Tuesday that would release an additional seven properties from Chapter 11 bankruptcy protection and pave the way for the company to focus on emerging from bankruptcy next year.

Judge Allan Gropper confirmed the plan between the No. 2 U.S. mall operator and creditors to extend $1.3 billion of loans on the properties. This comes on top of last week’s hearing, in which Gropper approved the restructuring of $10.25 billion of loans, covering 103 properties, including 85 regional shopping centers, 15 office properties and three community centers.

The company is working to restructure the last $3.35 billion of its $14.9 billion in property level debt. With the property-associated debt restructured, those entities could emerge from bankruptcy within a couple of months.

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