General Growth Gets Extension to File Reorganization Plan

General Growth Properties has been granted an extension of the exclusivity period during which they may file a plan of reorganization.

March 5, 2010
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user Raymond Couse-Baker

General Growth Properties has been granted an extension of the exclusivity period during which they may file a plan of reorganization.

The company announced on Wednesday that a bankruptcy judge has approved the extension through July 15 of this year. The period through which the company may solicit acceptances of a reorganization plan was also extended through September 15. During this time, no other party may file a competing reorganization plan.

“The extension is consistent with our timeline for evaluating all alternatives for emergence and recognizes our tremendous accomplishments in these large and complex Chapter 11 cases in a short amount of time,” chief executive officer Adam Metz said in a statement. “We are looking forward to emerging from bankruptcy as soon as reasonably possible.”

GGP, which filed bankruptcy last year, has been embroiled in a war of words with would-be suitor Simon Property, which has offered $10 billion for the company. That offer has been rebuffed, and GGP has said that it has reached a deal with Toronto-based property management firm Brookfield Asset Management for funding to help it exit bankruptcy.

The second largest mall owner in the country, GGP has ownership interest in or management responsibility for more than 200 regional shopping malls in 43 states, with a portfolio totaling approximately 200 million square feet of regional space and including more than 24,000 retail stores nationwide. It resumes trading on the New York Stock Exchange today under the symbol GGP.