General Growth Properties secures three-month exclusivity extension

By Caroline Salls

Pittsburgh, July 27 - General Growth Properties, Inc. obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company's exclusive plan-filing period was extended to Oct. 18 from July 15, and its exclusive period to solicit acceptances of the plan was extended through Dec. 16 from Sept. 15.

Although it filed a plan within the current exclusivity period, the company said the extension is integral to its strategy to maximize value upon emergence, as it allows 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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