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Home / Community Development / General Growth says some malls may exit bankruptcy (1:37 p.m. 11/19/09)

General Growth says some malls may exit bankruptcy (1:37 p.m. 11/19/09)

By ALEX VEIGA

AP Real Estate Writer

LOS ANGELES (AP) — Mall operator General Growth Properties Inc. said its lenders have agreed to restructure some $8.9 billion in loans secured by shopping centers.

General Growth – which owns three properties in Wisconsin – said Thursday it hopes it will be able to bring the malls out of bankruptcy before the year is out.

The company and roughly 166 regional shopping centers and other subsidiaries filed for Chapter 11 bankruptcy protection in April. It was the largest U.S. real estate bankruptcy case in history.

Lenders agreed to extend the due dates on 70 loans to no earlier than January 2014.

General Growth, which owns Fox River Mall (Appleton), Mayfair (Wauwatosa) and Oakwood Mall (Eau Claire) said it expects the agreements will be the basis for reworking another $6 billion in mortgage loans.

The agreements must be approved by the bankruptcy court.

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