March 3, 2010 at 7:47 a.m.
Filed under:
Bankruptcy,
Real estate
From the New York Post | Commercial real estate firm Vornado Realty Trust may bid for all or part of General Growth Properties Inc., the Chicago-based mall operator in bankruptcy reorganization, sources said.
General Growth, the nation’s No. 2 mall operator, has rejected a $10 billion bid made last month by Simon Propety Group, the nation’s largest mall developer. Last week, General Growth said it agreed to give Canada’s Brookfield Asset Management a 30 percent stake in plan to help it emerge from bankuptcy.
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March 2, 2010 at 8:12 a.m.
Filed under:
Bankruptcy,
M&A,
Real estate,
Stock activity
By Sandra M. Jones | General Growth Properties Inc. said it filed an application to list its common stock on the New York Stock Exchange.
The Chicago-based mall operator expects the shares to begin trading
Friday under the symbol GGP. General Growth shares have been trading
over-the-counter under the symbol GGWPQ since it enter Chapter 11
bankruptcy last April.
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March 1, 2010 at 6:06 p.m.
Filed under:
Bankruptcy,
Real estate
By Mary Ellen Podmolik |
Orleans Homebuilders Inc., a Pa.-based homebuilder with five Illinois
communities, filed for Chapter 11 bankruptcy protection in U.S.
Bankruptcy Court in Wilmington, De.
The company said its
bankruptcy filing was needed because a $350 million senior secured
revolving credit loan agreement had matured and it was unable to reach
an agreement to extend the credit facility with 100 percent of its
17-member bank group or obtain a replacement facility.
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March 1, 2010 at 7:59 a.m.
Filed under:
Bankruptcy
By Sandra M. Jones | The
pace of public company bankruptcies dwindled to a murmur in February,
continuing a slowdown that began in December, according to
BankruptcyData.com.
Five public companies filed for either Chapter 7 liquidation or Chapter
11 reorganization in February compared to 19 filings for the same
period in 2009. Only one of the companies in February had assets topping $1 billion: Movie Gallery with $6.6 billion.
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Feb. 27, 2010 at 3:37 p.m.
Filed under:
Bankruptcy,
M&A,
Real estate
Associated Press | Shopping mall operator General Growth Properties
Inc. says it has reached a deal with Canadian property manager
Brookfield Asset Management Inc. that will enable General Growth to
exit Chapter 11 bankruptcy protection.
General Growth said
Wednesday Brookfield will invest $2.5 billion in cash in exchange for
General Growth shares, giving Brookfield a 30 percent stake in the
Chicago-based company. General Growth says shareholders would receive a
total of $15 a share as part of the plan.
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Feb. 24, 2010 at 5:45 p.m.
Filed under:
Bankruptcy,
Real estate
General Growth, owner of Water Tower Place, filed for Chapter 11 bankruptcy protection in April. (Alex Garcia/Chicago Tribune)
By Sandra M. Jones |
General Growth Properties Inc. said it plans to split itself into two
companies with the help of $2.625 billion in funding from Brookfield
Asset Management Inc., setting off a bidding war for the nation’s
second largest mall operator.
The plan, which requires a bankruptcy judge’s approval, would give
equity holders in the mall operator $15 a share for stakes in the two
companies–essentially a “good” company that holds about 200
shopping centers and a “bad” company that holds General Growth’s
riskier investments. Unsecured creditors would be paid in full with
interest.
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Feb. 19, 2010 at 12:55 p.m.
Filed under:
Bankruptcy
(Chris Walker/Tribune)
Associated Press | Theme park operator Six Flags Inc. has won more time to gain support for its bankruptcy reorganization.
A Delaware judge on Friday extended the company’s exclusive right to
reorganize until April 5. But if the plan isn’t approved following a
trial next month, a group of noteholders could submit an alternative.
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Feb. 12, 2010 at 10:53 a.m.
Filed under:
Banking,
Bankruptcy
By Becky Yerak |
The former chief executive of Inbank, an Oak Forest-based lender that
failed last September, has filed for Chapter 7 bankruptcy.
Cynthia Grazian of Chicago listed $2.2 million in assets and $4.3
million in liabilities, according to documents filed Jan. 22 in federal
bankruptcy court in the northern district of Illinois.
Inbank, which had $212 million in assets, was seized last September and sold to MB Financial in a government-assisted deal.
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Feb. 3, 2010 at 3:33 p.m.
Filed under:
Bankruptcy,
Technology
Associated Press | A Delaware bankruptcy judge has
dismissed claims brought by Midway Games’ creditors committee against
former directors and media mogul Sumner Redstone.
The judge last week dismissed claims alleging that the directors,
Redstone, and his National Amusements holding company breached their
fiduciary duties to Chicago-based Midway.
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