: Key Developments
General Growth Properties, Inc. Files For Bankruptcy Protection- Reuters
April 16, 2009 |
| Reuters reported that General Growth Properties, Inc. filed for Chapter 11 bankruptcy protection from its creditors. The Company filed for bankruptcy protection in U.S. Bankruptcy Court in Manhattan, after spending months trying to work out deals with its lenders. The case is In re: South Street Seaport Limited Partnership, U.S. Bankruptcy Court, Southern District of New York. |
General Growth Properties, Inc. Said To Have Mall Bids Of $400 Million-DJ
March 4, 2009 |
| Dow Jones reported that General Growth Properties, Inc. has received bids worth nearly $400 million for three mall properties it put up for sale in December, Bloomberg News reported on its Web site , citing a person close to the matter. General Growth Properties, Inc. received more than 10 bids for Boston's Faneuil Hall, New York's South Street Seaport and Baltimore's Harborplace & the Gallery, and might either sell the properties individually or as a package, the person said, according to Bloomberg. General Growth Properties, Inc. could select a buyer in the next few weeks from among the interested parties, understood to include private groups, overseas buyers and real-estate developers, Bloomberg reported. |
General Growth Properties, Inc. Announces Litigation Settlement And Operating Partnership Unit Conversion
January 6, 2009 |
| General Growth Properties, Inc. announced that the lawsuit brought by Caruso Affiliated Holdings LLC relating to Glendale Galleria, a California mall owned by the Company`s GGP/Homart II joint venture, has been settled for $48 million. The Company will not be reimbursed for any portion of this payment by its 50 % joint venture partner in GGP/Homart II, and it will also reimburse $5.5 million of costs to such joint venture partner in connection with the settlement. The Company also announced that MB Capital Units LLC, pursuant to the Rights Agreement dated July 27, 1993, converted 42,350,000 common partnership units held in the Company`s operating partnership, GGP Limited Partnership, into 42,350,000 shares of GGP common stock. As a result of this conversion, there are approximately 311.3 million shares of GGP common stock issued and outstanding. |
General Growth Properties, Inc. Announces Loan Update
December 18, 2008 |
| General Growth Properties, Inc. announced that its syndicate of lenders for the $900 million Fashion Show and Palazzo mortgage loans has entered into a Forbearance and Waiver agreement that extends until February 12, 2009. The Company also announced that its syndicate of lenders for the 2006 Senior Credit Agreement has entered into a Forbearance and Waiver agreement that extends until January 30, 2009 and, in connection with this agreement, the Company has agreed to certain restrictions and covenants with this syndicate during the forbearance period. |
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against General Growth Properties, Inc.
December 11, 2008 |
| Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of a Class consisting of all persons or entities who purchased or otherwise acquired the securities of General Growth Properties, Inc., between April 30, 2008 and October 26, 2008, inclusive (the Class Period). The Complaint charges General Growth and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning the Company's business, operations and prospects, caused General Growth's stock price to become artificially inflated, inflicting damages on investors. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements were materially false and misleading. Specifically, the Complaint alleges that defendants' public statements were false and misleading or failed to disclose or indicate the following: that General Growth would not be able to refinance billions of dollars of debt that was coming due in late 2008 and early 2009; that this was a direct result of the Company's inability to access debt financing; that certain Company executives had received loans from the CEO's family trust in violation of General Growth's Code of Business Conduct and Ethics. |
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