General Growth Properties Announces It Expects to File a Chapter 11 Plan of Reorganization on or around July 9, 2010
June 29 2010 - 8:35PM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) today announced it
expects to file its Chapter 11 Plan of Reorganization and
accompanying disclosure statement on or around July 9, 2010.
Concurrent with this announcement, GGP has filed a motion with the
United States Bankruptcy Court for the Southern District of New
York requesting an extension of its exclusive period in which to
file the Chapter 11 Plan of Reorganization through October 18,
2010, and its exclusive period to solicit acceptances of any Plan
of Reorganization through December 16, 2010. The current
exclusivity periods are scheduled to expire on July 15, 2010, and
September 15, 2010, respectively.
While GGP expects to file its plan within the current
exclusivity period, the requested extension is integral to GGP’s
strategy to maximize value upon emergence. The extension would
allow GGP to continue to explore all financing emergence options
available to it and to complement or replace existing financing
commitments on an exclusive basis.
FORWARD LOOKING STATEMENTS
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, the bankruptcy filings of the debtors not currently
emerging from bankruptcy, our ability to refinance, extend,
restructure or repay our near and intermediate term debt, our
substantial level of indebtedness, our ability to implement a plan
or plans of reorganization for the remaining debtors to emerge from
bankruptcy, our ability to raise capital through equity issuances,
asset sales or the incurrence of new debt, retail and credit market
conditions, impairments, land sales in the Master Planned
Communities segment, and our liquidity demands. Readers are
referred to the documents filed by General Growth Properties, Inc.
with the Securities and Exchange Commission, 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.
ABOUT GGP
GGP currently has ownership interest in or management
responsibility for more than 200 regional shopping malls in 43
states, as well as ownership in planned community developments and
commercial office buildings. The Company’s portfolio totals
approximately 200 million square feet of retail space and includes
over 24,000 retail stores nationwide. The Company’s common stock is
traded on the New York Stock Exchange under the symbol GGP.
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