General Growth Properties extends forbearance to March 15

New York, Jan. 30 - General Growth Properties, Inc. said it entered into amended and restated forbearance and waiver agreements with its syndicates of lenders for its 2006 senior credit agreement and its secured portfolio facility.

The new agreement extends the forbearance periods to March 15. They had been due to expire on Jan. 30.

In return, General Growth agreed to restrictions and covenants. The lenders agreed that some possible future cross-defaults on the company's mortgage debt will not cause an immediate termination of the forbearance agreement.

General Growth is a Chicago-based real estate investment trust that owns regional shopping malls, master planned community developments and commercial office buildings.

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