General Growth Properties has asked Judge Allan Gropper to grant a six month extension to file a plan for exiting from bankruptcy. According to this post from Todd Sullivan’s Value Plays, the company needs more time due to the "complex nature" of its bankruptcy filing.
“This was not unexpected as General Growth had initially said when it filed it had hope to file a plan "by the end of the year". If you follow bankruptcies, you know that those initial deadlines are rarely met due to the complex nature of the process. But, having the clarity is a good thing. It would be shocking were this extension not granted. The only way I can see it done is if Gropper decides to consolidate the filings and just cram down all debt. In that scenario (unlikely), the reorg plan becomes very simple overnight.”
In the meantime, the company is continuing to move forward with its Town Center redevelopment plans.
In the Moment
10 hours ago