GGP Reaches Deal with Lenders

According to this story by Daniel Sernovitz in the Baltimore Business Journal, General Growth Properties may emerge from bankruptcy protection much sooner than expected.

“The Chicago mall owner told U.S. Bankruptcy Court in New York its reached deals to extend its average loan terms on that debt by an average of 6.4 years and will not have any maturing debt until 2014.”

This is huge. GGP wasn’t expected to have these agreements in place until early spring of 2010. It is now actually feasible for the company to emerge from bankruptcy by the end of the year.

I said all along that this is a company with real solid honest to god assets. All they needed were extensions on their loans.

Now it looks like they got ‘em.