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Jones Lang LaSalle Inc. a real estate services company, said Monday it expanded its retail arm by acquiring third-party mall and shopping center leasing and management responsibilities from No. 2 U.S. mall owner General Growth Properties Inc.
Terms of the deal, which closed on Friday, were not disclosed. General Growth, which filed for bankruptcy protection in April 2009, will continue to manage and lease the nearly 200 malls it owns. Get the full story »
General Growth Properties Inc. is seeking court approval to replace its $400 million bankruptcy loan with a new financing package, which the shopping-mall operator said will allow it to save several million dollars in interest payments each month.
In court papers filed Thursday, General Growth said it has struck a deal with Barclays Bank PLC to take out a $400 million bankruptcy loan to replace a similar loan from a group of lenders led by Farallon Capital Management LLC. Get the full story »
General Growth Properties Inc. is seeking court permission to sell more than 60 acres in Las Vegas’ Summerlin residential development to a pair of home builders for about $38 million, pending higher bids at auction.
The deal will bring in cash that can be used to repay creditors and allow building to resume in the 22,500-acre development northwest of the Las Vegas strip, General Growth said in papers filed Thursday with the U.S. Bankruptcy Court in Manhattan. Get the full story »
Chicago-based mall operator General Growth Properties Inc. said it expects to file its Chapter 11 reorganization plan on or around July 9.
The company today also asked the U.S. Bankruptcy Court in New York to extend its exclusive right to file a plan until Oct. 18. It is currently set to expire July 15. General Growth said it requested the extensions to allow it to “explore all financing emergence options available to it.”
From Bloomberg | Chicago-based mall operator General Growth Properties said Thursday that i has identified 13 “underperforming” retail properties that may be turned over to lenders after the company emerges from bankruptcy. The company has until two days after it exits bankruptcy to decide whether the properties should be deeded to lenders or the loans should be modified.
Get the full story: businessweek.com.
Reuters | General Growth Properties Inc. looks set to proceed with a plan to emerge from bankruptcy, bankrolled by a group led by Brookfield Asset Management, as a deadline for others to submit bids passed on Wednesday, a source familiar with the matter said.
General Growth had set a June 2 deadline for offers. But it can still entertain better bids to either buy the Chicago-based company or to fund it as a stand-alone entity before a court date in mid-July to submit a plan to exit bankruptcy.
Dow Jones Newswire-Wall Street Journal | Shopping-mall owner
General Growth Properties Inc. has decided its preferred option for
exiting bankruptcy is a revised proposal led by Brookfield Asset
Management Inc. rather than a competing offer from rival mall giant
Simon Property Group Inc., a person familiar with the matter said. But
the situation is fluid and a few details remain to be ironed out Monday
before the deal can be finalized, a separate person familiar with the
talks said late Sunday.
The decision by General Growth’s board is the latest twist — but
perhaps not the final one — in months of competition between the
Brookfield group and Simon over which suitor would get the nod to
finance General Growth’s bankruptcy exit in exchange for much of the
company’s stock. General Growth, which owns 204 U.S. malls, sought
bankruptcy protection in April 2009 to restructure its $27 billion of
debt and intends to emerge later this year.
By Sandra M. Jones
| General Growth Properties Inc., the shopping mall owner in Chapter 11 bankruptcy, named Chicago real estate veteran Sheli Rosenberg to its board of directors.
Rosenberg was most recently CEO, president and vice chairman of Equity Group Investments LLC, the privately-held real estate investment firm run by real estate mogul Sam Zell. Rosenberg joined Equity Group in 1980 as general counsel. She left the company in 2003 and has been an adjunct professor at Northwestern University’s Kellogg Graduate School of Business. She also sits on the boards of CVS Caremark Corp., Nanonsphere Inc., Veritas Inc. and Equity LifeStyle Properties Inc. Rosenberg is also a trustee at Equity Residential.
The appointment brings the number of directors on General Growth’s board to ten.
Bankrupt mall operator General Growth has named Ventas Inc. CEO Debra A. Cafaro as a director. In a press release, General Growth CEO Adam Metz praised Ventas’ skills, saying that she has “critical knowledge of the issues GGP is facing as we continue to position GGP for emergence from bankruptcy.”
Read the full press release here.
From BusinessWeek | A lawyer for bankrupt mall owner General Growth Properties said that the company will submit a proposal next week that might finance the reorganization of its holding company.
Get the full story: businessweek.com.
