General Growth updates bankruptcy plan
General Growth Properties Inc., the second-largest U.S. mall owner, won approval to add two new loans valued at $895.5 million to its Chapter 11 bankruptcy plan.
Fashion Show LLC will borrow $645.9 million and Phase II Mall Subsidiary LLC will borrow $249.6 million, according to a filing in U.S. Bankruptcy Court in Manhattan.
"I commend all involved to getting us within one percent of all of the loans confirmed," U.S. Bankruptcy Court Judge Allen Gropper said.
As of yesterday, 220 of General Growth's units have exited Chapter 11, closing 99 loans worth about $12 billion in debt, according to the filing.
General Growth, the biggest U.S. mall owner after Simon Property Group Inc., filed the largest real-estate bankruptcy in U.S. history a year ago after amassing $27 billion in debt making acquisitions. Its properties include New York's South Street Seaport, Boston's Faneuil Hall and the Grand Canal Shoppes and Fashion Show in Las Vegas.
The case is In re General Growth Properties Inc., 09-11977, U.S. Bankruptcy Court, Southern District of New York (Manhattan).