Huge mall REIT General Growth Properties, which had to seek bankruptcy protection in April, said in a bankruptcy court hearing it had come to an agreement with its lenders to restructure $8.9 billion of mortgage debt secured by 77 malls. The deal is a crucial step toward the REIT's emergence from Chapter 11. "This moves up the entire timetable for getting out of bankruptcy," said Kevin Starke, an analyst with CRT Group LLC. "These guys could be out [in entirety] in the April-June time frame."
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