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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 »
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.”
