General Growth secures debt extension

Pressuring Citigroup to cooperate, a group of lenders has decided to extend General Growth Properties' $900 million past-due loan until Feb. 12. The move will stop a domino effect that would have caused Chicago-based General Growth to file for bankruptcy protection. Citigroup had refused an earlier agreement sanctioned by six other lenders in an effort to get more favorable conditions on an unsecured loan and credit facility as well as a bigger voice in what General Growth does with money raised in asset sales and refinancing deals.

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