Monday, December 1, 2008
General Growth gets loan extension
Charlotte Business Journal
General Growth Properties Inc., owner of Carolina Place mall in Pineville, has received a two-week extension on $900 million in mortgage loans that came due on Friday.
The company says it is seeking a longer-term extension.
In mid November, General Growth said it might seek bankruptcy protection from its creditors as it sought to refinance its debt.
Last week, General Growth disclosed that New York-based hedge-fund manager Pershing Square Capital Management bought 20.1 million shares of General Growth stock, giving it a 7.5 percent stake in the company. Pershiing Square also has options on an additional 33.4 million shares for a total stake of a nearly 20 percent.
Chicago-based General Growth (NYSE:GGP) owns about 200 malls nationwide.
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