August 12th, 2009General Growth lenders lose bid in bankruptcy case
Chicago, IL — Shopping mall operator General Growth Properties Inc. said Tuesday night that a bankruptcy judge has denied a motion by a group of lenders to keep a handful of its subsidiaries out of bankruptcy.
The lenders, led by ING Clarion Capital Loan Services, had argued that some of the company’s shopping centers, including the Tucson Mall in Arizona and the Stonestown Mall in San Francisco, were financially stable and did not need to seek Chapter 11 protection.
The creditors claimed General Growth had “swept” the properties into bankruptcy to benefit from their slightly better financial condition.
“We are pleased with the court’s decision and we look forward to moving ahead with the restructuring of the company,” said Adam Metz, CEO of General Growth Properties, in a statement.
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