General Growth Announces Two Week Loan Extensions
November 30 2008 - 10:25PM
Business Wire
General Growth Properties, Inc. (NYSE:GGP) announced that it has
reached an agreement with its syndicate of lenders for an interim
extension of two weeks for the November 28 maturity date on its
Fashion Show and Palazzo mortgage loans totaling $900 million. The
parties are continuing their discussions on a longer term
extension. General Growth is a U.S. based, publicly traded Real
Estate Investment Trust. The Company currently has an ownership
interest in or management responsibility for a portfolio of more
than 200 regional shopping malls in 44 states, as well as ownership
in master planned community developments and commercial office
buildings. The Company portfolio totals approximately 200 million
square feet of retail space and includes over 24,000 retail stores
nationwide. The Company is listed on the New York Stock Exchange
under the symbol "GGP". For more information, please visit the
Company Web site at www.ggp.com. This press release contains
forward-looking statements. Actual results may differ materially
from the results suggested by these forward-looking statements, for
a number of reasons, including, but not limited to, our liquidity
and refinancing demands, our ability to successfully manage our
strategic and financial review, our level of indebtedness and
interest rates, retail and credit market conditions, tenant
occupancy and tenant bankruptcies, impairments, land sales in the
Master Planned Communities segment, and the cost and success of
development and re-development projects. Readers are referred to
the documents filed by General Growth Properties, Inc. with the
SEC, which further identify the important risk factors which could
cause actual results to differ materially from the forward-looking
statements in this release. The Company disclaims any obligation to
update any forward-looking statements.
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