Wall Street Journal
The Journal reported that the deal would extend the duedates on the mortgages by four-and-a-half to five years in returnfor GGP providing significant concessions, including additionalamortization payments, more reserves for the loans and additionalbankruptcy protections for the lenders. GGP's attorneys didn'tspecify how much the settlement will cost the company.
The outline of the plan presented before US Bankruptcy JudgeAllan Gropper didn't go into detail on the total amount of debtcovered by the deal. GGP will use the pact as a template fornegotiating deals with its other creditors, including the holdersof about $6.5 billion in unsecured debt, according to theJournal.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
