General Growth Properties plans to file reorganization plan by July 9

By Angela McDaniels

Tacoma, Wash., June 29 - General Growth Properties, Inc. expects to file its Chapter 11 plan of reorganization and accompanying disclosure statement on or around July 9, according to a company news release.

The company said it also has filed a motion with the U.S. Bankruptcy Court for the Southern District of New York requesting an extension of its exclusive plan-filing period to Oct. 18 and its exclusive period to solicit acceptances of the plan through Dec. 16.

The current exclusivity periods are scheduled to expire on July 15 and Sept. 15, respectively.

Although it expects to file its plan within the current exclusivity period, the company said the requested extension is integral to its strategy to maximize value upon emergence, as it would allow General Growth to continue to explore all financing emergence options available to it and to complement or replace existing financing commitments on an exclusive basis.

General Growth, a Chicago-based real estate investment trust that owns regional shopping malls, master planned community developments and commercial office buildings, filed for bankruptcy on April 16, 2009. Its Chapter 11 case number is 09-11977.

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