General Growth posts $6.4 mil loss in Nov.

Shopping center owner General Growth Properties Inc. filed an operating report for November showing a $6.4 million net loss for the companies in bankruptcy reorganization. Revenue for the month was $217 million.

Operating income in November was $85 million. Reorganization items in the period were $5 million.

The company filed a motion yesterday to simplify procedures for settling disputes over the 9,100 claims that were filed. If the bankruptcy judge goes along at a Jan. 20 hearing, General Growth on its own can settle a claim for less than $100,000 or not more than 10 percent in excess of the amount the company believes to be owing.

If the creditors' and shareholders' committees don't object after seven days, General Growth can settle a claim up to $5 million.

General Growth has confirmed full-payment reorganization plans for two batches of companies having $11.6 billion in debt. The terms of the mortgages on the underlying properties were revised.

General Growth commenced the largest real estate reorganization in history by filing under Chapter 11 in April. The books of the Chicago-based company had assets of $29.6 billion and $27.3 billion in total liabilities as of Dec. 31, 2008. It owns or manages over 200 shopping mall properties.

The case is In re General Growth Properties Inc., 09-11977, U.S. Bankruptcy Court, Southern District of New York (Manhattan).