The Boston Herald
Faneuil Hall operator out of Ch. 11
By Associated Press | Wednesday, November 10, 2010 | http://www.bostonherald.com | Business & Markets
CHICAGO - Shopping mall owner General Growth Properties Inc. yesterday emerged from Chapter 11 bankruptcy protection, bringing to a close the largest real estate bankruptcy case in U.S. history.
The Chicago-based company - operator of 183 malls in 43 states including Boston’s Faneuil Hall Marketplace - said it has completed the final steps of its restructuring, 19 months after it turned to the courts under the weight of nearly $28 billion in debt.
The company lined up $6.8 billion in equity commitments and restructured and extended $15 billion in debt. It also worked out a way to pay all creditors in full - a rare outcome.
General Growth split into two separate companies: General Growth Properties and The Howard Hughes Corp., which owns General Growth’s portfolio of planned communities and other real estate developments. Pershing Square Capital Management CEO William Ackman will become chairman of the Hughes spinoff.
Article URL: http://www.bostonherald.com/business/general/view.bg?articleid=1295271
0 comments:
Post a Comment