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January 27th, 2010Ala Moana Center emerges from bankruptcy

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by Pacific.BizJournals.com

Hawaii’s largest shopping mall emerged from bankruptcy reorganization Monday as part of owner General Growth Properties’ restructuring of $9.4 billion in loans.

Ala Moana Center — as well as General Growth-owned properties Ward Centre, Ward Entertainment Center, Ward Gateway Village and Prince Kuhio Plaza — was among 96 properties owned by 180 General Growth (OTCBB:GGWPQ) subsidiary debtors to emerge from bankruptcy after the restructuring of 74 mortgage loans, the company said in a news release.

In December, General Growth won approval from the U.S. Bankruptcy Court to restructure about $10.25 billion in mortgages on its nationwide portfolio of retail and office properties.

General Growth, which filed for Chapter 11 bankruptcy reorganization in April, expects the restructuring of 16 remaining loans totalling $2.1 billion on 16 properties to be completed over the next few weeks. Those restructurings will be the final plans of the Chapter 11 bankruptcy reorganization approved by the court to be implemented.

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