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The Honolulu Advertiser
Posted on: Tuesday, January 26, 2010

Out of bankruptcy, General Growth now focuses on reducing debt

Advertiser Staff

Shopping center owner General Growth Properties Inc. said is focused on reducing corporate debt now that the bulk of its shopping centers have emerged from bankruptcy protection.

General Growth on Tuesday said it has restructured 74 secured mortgage loans totaling $9.4 billion, allowing 180 subsidiary debtors to come out bankruptcy. Ala Moana Center and Ward Centers were among General Growth’s properties used as security for those loans.
With the bankruptcy court’s approval, General Growth intends to hire UBS Investment Bank to explore ways to reduce debt, which could include the conversion of debt to equity.
General Growth shares closed down 34 cents at $9.90 yesterday in over-the-counter trading.