General Growth Properties Inc. received bankruptcy-court approval to extend the due date of a $1.5 billion mortgage to 2016, bringing to $14 billion the mortgages that the mall owner has restructured.
General Growth, which owns more than 200 U.S. malls, now has only $1 billion of mortgages remaining to restructure in its bankruptcy case. That amount covers $900 million of loans on the Fashion Show mall and Shoppes at the Palazzo in Las Vegas and a $95 million loan on the Oakwood Center mall in New Orleans. General Growth sought Chapter 11 protection in April 2009 after failing to refinance portions of its $27 billion in unsecured debt and mortgages as they came due.
Also Friday, General Growth said it would file documents on Monday outlining a proposal by Brookfield Asset Management Inc. and two creditors to contribute $6.5 billion to help General Growth exit bankruptcy as a stand-alone company. Rival bidder Simon Property Group Inc. wants to see the specifics of the Brookfield plan before it submits its own sweetened bid for General Growth in the days thereafter, people familiar with the matter said.
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