Bankruptcy court approves General Growth's loan

The proposal by mall REIT General Growth Properties to accept $400 million of debtor-in-possession financing from Farallon Capital and to use cash flow from its profitable malls to continue operating has the approval of U.S. Bankruptcy Judge Allan Gropper. The judge flatly rejected an argument from the Commercial Mortgage Securities Association that letting the mall REIT use cash flow from its profitable properties would damage the entire CMBS industry.

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