BK Court Grants GGP Extension On Exclusivity

Posted by Orb Staff on March 04, 2010 No Comments
Categories : Commercial Mortgage

Mall owner General Growth Properties Inc. (GGP) has announced that the bankruptcy court has approved an extension of the exclusivity period during which GGP has the right to file a plan of reorganization through July 15, and an extension of the period to solicit acceptances of a plan of reorganization through Sept. 15.

During the exclusivity period, no other party is permitted to file a competing plan of reorganization.

‘We are pleased with the bankruptcy court's decision today," says GGP CEO Adam Metz. "The extension is consistent with our timeline for evaluating all alternatives for emergence and recognizes our tremendous accomplishments in these large and complex Chapter 11 cases in a short amount of time."

SOURCE: GGP

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