General Growth Properties Announces Loan Update
December 17 2008 - 9:18PM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) announced today that
its syndicate of lenders for the $900 million Fashion Show and
Palazzo mortgage loans has entered into a Forbearance and Waiver
agreement that extends until February 12, 2009. The Company also
announced that its syndicate of lenders for the 2006 Senior Credit
Agreement has entered into a Forbearance and Waiver agreement that
extends until January 30, 2009 and, in connection with this
agreement, the Company has agreed to certain restrictions and
covenants with this syndicate during the forbearance period.
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 that 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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