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CHICAGO-General Growth Properties Inc. received confirmation from Bankruptcy Court on its plans of reorganization. The arrangement will apply to 194 debtors, which own 85 regional shopping malls, 15 office properties and three community centers.

In total, the plan accounts for 87 secured mortgage loans totaling $10.25 billion. The number of lenders willing to reach an extension agreement with GGP has increased over the last month. As GlobeSt.com reported towards the end of November, GGP had reached an agreement with lenders to restructure $8.9 billion of secured mortgage loans, which accounted for 77 properties. At the beginning of December, GGP’s plan increased to include 92 properties, which accounted for $9.7 billion of secured mortgage loans.

“Confirmation of these plans of reorganization is a monumental step towards completion of GGP’s overall corporate restructuring,” says Thomas Nolan, president and COO of GGP, in a statement. “As a result of these plans, completed just eight months after our chapter 11 filing, we have created the foundation for the long term capital structure for GGP and the basis for emerging our remaining debtors from bankruptcy. We are hopeful that we will reach agreements with our remaining secured mortgage lenders expeditiously.”

As previously reported, the maturity dates on the loans have been extended an average of 6.4 years as of January 1, 2010. The earliest loan will mature in January 2014.

The reorganization of an additional 26 debtors, which own 10 properties and account for $1.7 billion of secured mortgage loans, “has been adjourned pending satisfaction of various conditions, including receipt of the approval of the class B holders or mezzanine holders of such secured mortgage loans. Discussions with the class B note holders and mezzanine holders are ongoing,” according to GGP executives.

The company filed for bankruptcy protection in April, listing 166 regional shopping malls in the filing with the Bankruptcy Court in Southern District of New York. According to the company there are still 193 debtors yet to emerge from bankruptcy associated with this April filing.

GGP owns or manages 200 properties in 44 states. In April, when the company filed for Chapter 11 bankruptcy protection it was working to refinance parts of $27-billion debt load.

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