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BRIEF: General Growth says lenders to restructure $8.9B in mortgage loans

Posted on: Thu, 19 Nov 2009 18:58:00 EST

Symbols: GGWPQ

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Nov 19, 2009 (The Honolulu Advertiser - McClatchy-Tribune Information Services via COMTEX) --
GGWPQ | Quote | Chart | News | PowerRating -- Mall operator General Growth Properties Inc., which filed for bankruptcy earlier this year, said today its lenders have agreed to restructure some $8.9 billion in shopping mall mortgage loans.

The agreements, which cover loans on more than 70 malls, including Ala Moana Center, could enable some of the malls to exit bankruptcy before the end of this year, the company said.

Thomas Nolan, Jr., General Growth's president and chief operating officer, said he hoped the deals announced today would lay the groundwork for restructuring another $6 billion in mortgage loans on other shopping malls.

General Growth is "hopeful that our other secured mortgage lenders will work with us to reach agreements quickly," he said in a statement.

The company, which is based in Chicago, is the second-largest mall operator in the nation and owns or manages more than 200 malls.

The agreements must be approved by the bankruptcy court.

Shares of General Growth rose 97 cents, or nearly 17 percent, to $6.79 in over-the-counter trading today.

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