11/23/2009

General Growth Properties confirmed reports indicating it had made substantial progress in restructuring its debt and that it probably will emerge from Chapter 11 bankruptcy protection before the end of the year. The mall REIT said it had come to an agreement with lenders to restructure $8.9 billion of its secured mortgage debt. "We are extremely pleased to reach this consensual agreement with lenders representing more than half of the mortgage debt covered by the bankruptcy proceedings," said Thomas Nolan, president and chief operating officer.

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