General Growth restructures $9.4 billion of mortgages

General Growth Properties Inc., the second-largest U.S. mall owner, said it restructured 74 secured mortgage loans totaling $9.4 billion, allowing 180 subsidiary debtors to emerge from bankruptcy.

The restructuring of 16 remaining loans, valued at about $2.1 billion and involving 36 additional borrowers, is expected to occur in the next few weeks, Chicago-based General Growth said in a statement today. It also completed a four-year extension of a $155 million mortgage on the Carolina Place mall in Pineville, North Carolina.

General Growth didn't provide details of the restructuring in the statement. The 180 debtors own 96 properties.

General Growth filed the biggest real-estate bankruptcy in U.S. history in April after amassing $27 billion in debt during an acquisition spree. At the time of the filing, the company said it had about $11.8 billion in debt that had matured or was due by the end of 2012.

The reorganization of the 16 loans will mean all the restructuring plans approved by the bankruptcy court will have been implemented, General Growth said today.

The company owns or manages more than 200 shopping malls in 44 states and also owns office buildings. Its portfolio includes more than 24,000 stores and about 200 million square feet (18.6 million square meters) of retail space.

General Growth's shares fell 60 cents, or 5.5 percent, to $10.30 on Jan. 22 in U.S. over-the-counter trading, paring its market value to $3.2 billion.